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Credit Supply and Productivity Growth
Francesco ManaresiMr.Nicola Pierri
出版International Monetary Fund, 2019-05-17
主題Business & Economics / Money & Monetary PolicyBusiness & Economics / Production & Operations ManagementBusiness & Economics / Economics / Theory
ISBN14983159179781498315913
URLhttp://books.google.com.hk/books?id=uvgYEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋We study the impact of bank credit on firm productivity. We exploit a matched firm-bank database covering all the credit relationships of Italian corporations, together with a natural experiment, to measure idiosyncratic supply-side shocks to credit availability and to estimate a production model augmented with financial frictions. We find that a contraction in credit supply causes a reduction of firm TFP growth and also harms IT-adoption, innovation, exporting, and adoption of superior management practices, while a credit expansion has limited impact. Quantitatively, the credit contraction between 2007 and 2009 accounts for about a quarter of observed the decline in TFP.