| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17345 |
| DP17345 Supporting small firms through recessions and recoveries | |
| Cláudia Custódio; Diana Bonfim; Clara Raposo | |
| 发表日期 | 2022-05-31 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We use variation in the access to a government credit certification program to estimate the financial and real effects of supporting small firms. This program has been implemented during the global financial crisis, but has remained active ever since, allowing us to analyze its effects both during recessions and recoveries. Eligible firms have access to government loan guarantees and a credit quality certification. We estimate real effects using a multidimensional regression discontinuity design. We find that eligible firms borrow more and at lower rates than non-eligible firms, allowing them to increase investment and employment during crises. Industry-level analysis shows reduced productivity heterogeneity in more exposed industries, which is consistent with improved credit allocation. However, when the economy is recovering the effects of the program are less pronounced and centered on the certification component. |
| 主题 | Financial Economics |
| 关键词 | Small firms’ financing Credit certification Cost of debt investment Business cycles Government guarantees |
| URL | https://cepr.org/publications/dp17345 |
| 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/546389 |
| 推荐引用方式 GB/T 7714 | Cláudia Custódio,Diana Bonfim,Clara Raposo. DP17345 Supporting small firms through recessions and recoveries. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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