| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25458 |
| 来源ID | Working Paper 25458 |
| On the Direct and Indirect Real Effects of Credit Supply Shocks | |
| Laura Alfaro; Manuel García-Santana; Enrique Moral-Benito | |
| 发表日期 | 2019-01-21 |
| 出版年 | 2019 |
| 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. We construct firm-specific exogenous credit supply shocks and estimate their direct and indirect effects on real activity using firm-specific measures of upstream and downstream exposure. Credit supply shocks have sizable direct and downstream propagation effects on investment and output throughout the period, especially during the 2008-2009 global financial crisis. In terms of mechanisms, trade credit extended by suppliers and price adjustments play a role in accounting for downstream propagation of financial shocks. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Financial Economics ; Financial Institutions ; Industrial Organization ; Firm Behavior |
| URL | https://www.nber.org/papers/w25458 |
| 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/583132 |
| 推荐引用方式 GB/T 7714 | Laura Alfaro,Manuel García-Santana,Enrique Moral-Benito. On the Direct and Indirect Real Effects of Credit Supply Shocks. 2019. |
| 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 | ||
| w25458.pdf（912KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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