全球智库信息集成服务系统(G2TT): DP13212 The Inverted-U Relationship Between Credit Access and Productivity Growth

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP13212
	DP13212 The Inverted-U Relationship Between Credit Access and Productivity Growth
	Philippe Aghion; Antonin Bergeaud; Gilbert Cette; Rémy Lecat; Helene Maghin
发表日期	2018-09-30
出版年	2018
语种	英语
摘要	In this paper we identify two counteracting effects of credit access on productivity growth: on the one hand, better access to credit makes it easier for entrepreneurs to innovate; on the other hand, better credit access allows less efficient incumbent firms to remain longer on the market, thereby discouraging entry of new and potentially more efficient innovators. We first develop a simple model of firm dynamics and innovation-base growth with credit constraints, where the above two counteracting effects generate an inverted-U relationship between credit access and productivity growth. Then we test our theory on a comprehensive French manufacturing firm-level dataset. We first show evidence of an inverted-U relationship between credit constraints and productivity growth when we aggregate our data at sectoral level.. We then move to firm-level analysis, and show that incumbent firms with easier access to credit experience higher productivity growth, but that they also experienced lower exit rates, particularly the least productive firms among them. To confirm our results, we exploit the 2012 Eurosystem's Additional Credit Claims (ACC) program as a quasi-experiment that generated exogenous extra supply of credits for a subset of incumbent firms.
主题	Macroeconomics and Growth
关键词	Productivity Credit constraint Interest rate Firms Growth
URL	https://cepr.org/publications/dp13212
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/542019
推荐引用方式 GB/T 7714	Philippe Aghion,Antonin Bergeaud,Gilbert Cette,et al. DP13212 The Inverted-U Relationship Between Credit Access and Productivity Growth. 2018.