Financial Frictions and the Great Productivity Slowdown

被引:51
|
作者
Duval, Romain [1 ]
Hong, Gee Hee [1 ]
Timmer, Yannick [1 ]
机构
[1] Int Monetary Fund, 700 19th St NW, Washington, DC 20431 USA
来源
REVIEW OF FINANCIAL STUDIES | 2020年 / 33卷 / 02期
关键词
CREDIT CONSTRAINTS; DYNAMICS; INVESTMENT; ALLOCATION; LIQUIDITY; FUNDS; FIRMS;
D O I
10.1093/rfs/hhz063
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
We study the role of financial frictions for productivity. Using a rich cross-country firm-level data, we exploit variation in preexisting exposure to the 2008 global financial crisis to study the post-crisis productivity slowdown. Firms with weaker precrisis balance sheets experienced a highly persistent decline in post-crisis total factor productivity growth relative to their less vulnerable counterparts, accounting for about one-third of the within-firm productivity slowdown. This decline was larger for firms that faced a more severe tightening of credit conditions. Financially fragile firms cut back on innovation activities, one channel through which financial frictions weakened post-crisis productivity growth.
引用
收藏
页码:475 / 503
页数:29
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