| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16528 |
| 来源ID | Working Paper 16528 |
| 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 | 2010-11-18 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We quantify the effects of lending and balance sheet channels on corporate investment during large crises in emerging markets. The depreciated currency creates investment opportunities in the tradable sector but firms might be financially constrained due to: 1) a deterioration of their balance sheet via un-hedged foreign currency debt (balance sheet channel) and 2) a decline in the supply of credit by banks (lending channel). We find that during twin crises, domestic exporters holding un-hedged foreign currency debt decrease investment while foreign exporters with better access to credit increase investment, in spite of their un-hedged foreign currency debt. We do not find such a differential effect under pure currency crises. Using firm-bank matched data during global financial crisis, we show that both domestic and foreign-owned firms experienced a decline in bank credit from affected banks however, foreign-owned firms substituted the lost credit. |
| 主题 | Macroeconomics ; Business Cycles ; International Economics ; Trade ; International Factor Mobility ; International Finance ; Development and Growth ; Development |
| URL | https://www.nber.org/papers/w16528 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574203 |
| 推荐引用方式 GB/T 7714 | Sebnem Kalemli-Ozcan,Herman Kamil,Carolina Villegas-Sanchez. What Hinders Investment in the Aftermath of Financial Crises: Insolvent Firms or Illiquid Banks?. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16528.pdf（560KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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