G2TT
来源类型Discussion paper
规范类型论文
来源IDDP8543
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
URLhttps://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.
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