| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12794 |
| DP12794 On the Direct and Indirect Real Effects of Credit Supply Shocks | |
| Manuel García-Santana; Laura Alfaro; Enrique Moral-Benito | |
| 发表日期 | 2018-03-15 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We consider the real effects of bank lending shocks and how they permeate the economy through buyer-supplier linkages. We combine administrative data on all firms in Spain with a matched bank-firm-loan dataset on the universe of corporate loans for 2003-2013 to identify bank-specific shocks for each year using methods from the matched employer-employee literature. Combining firm-specific measures of upstream and downstream exposure, we construct firm-specific exogenous credit supply shocks and estimate their direct and indirect effects on real activity. Credit supply shocks have sizable direct and downstream propagation effects on investment and output throughout the period but no significant impact on employment during the expansion period. Downstream propagation effects are comparable or even larger in magnitude than direct effects. The results corroborate the importance of network effects in quantifying the real effects of credit shocks and show that real effects vary during booms and contractions. |
| 主题 | Financial Economics |
| 关键词 | Bank-lending channel Employment investment Output Matched employer-employee Input-output linkages |
| URL | https://cepr.org/publications/dp12794 |
| 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/541603 |
| 推荐引用方式 GB/T 7714 | Manuel García-Santana,Laura Alfaro,Enrique Moral-Benito. DP12794 On the Direct and Indirect Real Effects of Credit Supply Shocks. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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