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

被引：4

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

共 50 条

[31] IT-labor intensities and firm-level productivity
Kudyba, S
INFORMATION TECHNOLOGY AND ORGANIZATIONS: TRENDS, ISSUES, CHALLENGES AND SOLUTIONS, VOLS 1 AND 2, 2003, : 1064 - 1065
[32] Business dynamics, industry productivity growth, and the distribution of firm-level performance: evidence for the role of ICT using Dutch firm-level data
Polder, Michael
de Bondt, Hugo
van Leeuwen, George
JOURNAL OF TECHNOLOGY TRANSFER, 2018, 43 (06): : 1522 - 1541
[33] Effects of Policy Uncertainty on Firm-Level Productivity
Cao, Melanie
Tut, Daniel
QUARTERLY JOURNAL OF FINANCE, 2024, 14 (03)
[34] GLOBALIZATION AND PRODUCTIVITY: A SURVEY OF FIRM-LEVEL ANALYSIS
Hayakawa, Kazunobu
Machikita, Tomohiro
Kimura, Fukunari
JOURNAL OF ECONOMIC SURVEYS, 2012, 26 (02) : 332 - 350
[35] Exploring firm-level innovation and productivity in India
Mishra, Aswini Kumar
Sinha, Abhishek Kumar
Khasnis, Abhijeet
Vadlamani, Sai Thcja
INTERNATIONAL JOURNAL OF INNOVATION SCIENCE, 2021, 13 (05) : 583 - 609
[36] Location, accessibility and firm-level productivity in Spain
Holl, Adelheid
ACCESSIBILITY AND SPATIAL INTERACTION, 2014, : 195 - 210
[37] Business dynamics, industry productivity growth, and the distribution of firm-level performance: evidence for the role of ICT using Dutch firm-level data
Michael Polder
Hugo de Bondt
George van Leeuwen
The Journal of Technology Transfer, 2018, 43 : 1522 - 1541
[38] Digital technologies and productivity: A firm-level investigation
Nucci, Francesco
Puccioni, Chiara
Ricchi, Ottavio
ECONOMIC MODELLING, 2023, 128
[39] Predation, Protection, and Productivity: A Firm-Level Perspective
Besley, Timothy
Mueller, Hannes
AMERICAN ECONOMIC JOURNAL-MACROECONOMICS, 2018, 10 (02) : 184 - 221
[40] How productivity and credit constraints affect exports differently? Firm-level evidence from China
Zhou, Tianhang
Li, Xue
Yan, Guo
Li, Jie
STRUCTURAL CHANGE AND ECONOMIC DYNAMICS, 2022, 62 : 207 - 230

← 1 2 3 4 5 →