| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13026 |
| DP13026 Credit Shocks, Employment Protection, and Growth: Firm-level Evidence from Spain | |
| Luc Laeven; Peter McAdam; Alexander Popov | |
| 发表日期 | 2018-06-29 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We offer new evidence on the real effects of credit shocks in the presence of employment protection regulations by exploiting a unique provision in Spanish labor laws: dismissal rules are less stringent for Spanish firms with fewer than 50 employees, lowering the cost of hiring new workers. Using a new dataset, we find that during the financial crisis, healthy firms with fewer than 50 employees borrowing from troubled banks grew faster in sectors where capital and labor were sufficiently substitutable. This result does not obtain when we use a different cut-off for Spain or the same cut-off for firms in Germany. Our evidence suggests that labor market flexibility can dampen the negative effect of credit shocks by allowing firms to keep growing by substituting labor for capital. |
| 主题 | Financial Economics |
| 关键词 | Credit crunch Employment protection Capital-labor substitution Firm growth |
| URL | https://cepr.org/publications/dp13026 |
| 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/541833 |
| 推荐引用方式 GB/T 7714 | Luc Laeven,Peter McAdam,Alexander Popov. DP13026 Credit Shocks, Employment Protection, and Growth: Firm-level Evidence from Spain. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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