| Description |
1 online resource (76 pages). |
|
text file |
| Series |
IMF Working Paper ; WP/19/107
|
|
IMF working paper ; WP/19/107.
|
| Contents |
Data -- Theoretical framework -- Credit supply shocks and firm production -- The effect of credit supply on firm productivity growth -- The interbank market collapse as a natural experiment -- Beyond measurement: channels. |
| Summary |
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. |
| Local Note |
eBooks on EBSCOhost EBSCO eBook Subscription Academic Collection - North America |
| Subject |
Banks and banking -- Italy.
|
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Banks and banking. |
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Italy. |
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Business enterprises -- Italy -- Finance.
|
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Business enterprises. |
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Finance. |
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Corporations -- Italy -- Finance.
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Corporations. |
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Credit -- Italy.
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Credit. |
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Business enterprises -- Finance. |
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Corporations -- Finance. |
| Genre/Form |
Electronic books.
|
| Added Author |
Pierri, Nicola, author.
|
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International Monetary Fund, issuing body.
|
| Other Form: |
Print version: Manaresi, Francesco. Credit Supply and Productivity Growth. Washington, D.C. : International Monetary Fund, ©2019 9781498315258 |
| ISBN |
1498315984 |
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9781498315982 (electronic book) |
|
