The Asymmetric Effect of Credit Supply on Firm‐Level Productivity Growth
نویسندگان
چکیده
Abstract We study the impact of bank credit on firm productivity. exploit a matched firm‐bank database, covering all relationships Italian corporations, to measure idiosyncratic supply‐side shocks availability and estimate production model augmented with financial frictions. find effect supply be asymmetric: contractions harm TFP growth, halting productivity‐enhancing activities; positive have limited effects. This points toward role stability in preserving productivity growth.
منابع مشابه
Credit Supply and Productivity Growth
We study the impact of bank credit supply on firm output and productivity. Exploiting a matched firm-bank database, covering all credit relationships of Italian corporations over more than a decade, we measure idiosyncratic supply-side shocks to firm credit availability. We use this to estimate a production model augmented with financial frictions, and show that an expansion of credit supply le...
متن کاملCredit Supply and Firm Productivity Growth
We study the impact of bank credit supply on the output and productivity of borrower firms. Exploiting a matched firm-bank database covering all credit relationships of Italian corporations over more than a decade, we measure idiosyncratic supply-side shocks to firm credit availability. Then, we estimate a production model augmented with heterogeneous financial frictions, to show that an expans...
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ژورنال
عنوان ژورنال: Journal of Money, Credit and Banking
سال: 2023
ISSN: ['1538-4616', '0022-2879']
DOI: https://doi.org/10.1111/jmcb.13092