| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8543 |
| DP8543 What Hinders Investment in the Aftermath of Financial Crises: Insolvent Firms or Illiquid Banks? | |
| Sebnem Kalemli-Ozcan; Herman Kamil; Carolina Villegas-Sanchez | |
| 发表日期 | 2011-08-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We provide evidence on the real effects of credit supply shocks utilizing a new firm-level database from six Latin American countries between 1990 to 2005. Holding creditworthiness constant through foreign currency debt exposure, we compare investment undertaken by domestic exporters to that of foreign-owned exporters, where the latter's exposure to the liquidity shock is lower. We find that foreign-owned exporters increase investment by 15 percentage points relative to domestic exporters only when the currency crisis occurs simultaneously with a banking crisis. These findings suggest that the key factor hindering investment during financial crises is the decline in credit supply. |
| 主题 | International Macroeconomics |
| 关键词 | Foreign ownership Twin crisis Exports Short-term dollar debt Bank lending Growth |
| URL | https://cepr.org/publications/dp8543 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537376 |
| 推荐引用方式 GB/T 7714 | Sebnem Kalemli-Ozcan,Herman Kamil,Carolina Villegas-Sanchez. DP8543 What Hinders Investment in the Aftermath of Financial Crises: Insolvent Firms or Illiquid Banks?. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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