The Asymmetric Effect of Credit Supply on Firm-Level Productivity Growth

被引：1

作者：

Manaresi, Francesco ^{[1
,2
]}

Pierri, Nicola ^{[3
]}

机构：

[1] OECD Sci Technol & Innovat Directorate, Rome, Italy

[2] Bank Italy Econ & Stat Dept, Rome, Italy

[3] Int Monetary Fund, Res Dept, Washington, DC USA

来源：

JOURNAL OF MONEY CREDIT AND BANKING | 2024年 / 56卷 / 04期

关键词：

productivity; credit supply; financial stability; IT adoption; DEVELOPMENT CHOICE; SMALL BUSINESS; JOB-CREATION; IMPACT; CONSTRAINTS; FINANCE; CRUNCH; SHOCKS; MISALLOCATION; INVESTMENT;

D O I：

10.1111/jmcb.13092

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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, to measure idiosyncratic supply-side shocks to credit availability and estimate a production model augmented with financial frictions. We find the effect of credit supply to be asymmetric: contractions harm TFP growth, halting productivity-enhancing activities; positive credit supply shocks have limited effects. This points toward a role of financial stability in preserving productivity growth.

引用

页码：677 / 704

页数：28

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