2 options
Credit Supply and Productivity Growth / Francesco Manaresi, Nicola Pierri.
- Format:
- Book
- Government document
- Author/Creator:
- Manaresi, Francesco.
- Series:
- IMF Working Papers; Working Paper ; No. 2019/107
- IMF Working Papers
- Language:
- English
- Subjects (All):
- Credit.
- Physical Description:
- 1 online resource (76 pages)
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2019.
- Summary:
- We study the impact of bank credit on firm productivity. We exploit a matched firm-bank database covering all the credit relationships of Italian corporations, together with a natural experiment, to measure idiosyncratic supply-side shocks to credit availability and to estimate a production model augmented with financial frictions. We find that a contraction in credit supply causes a reduction of firm TFP growth and also harms IT-adoption, innovation, exporting, and adoption of superior management practices, while a credit expansion has limited impact. Quantitatively, the credit contraction between 2007 and 2009 accounts for about a quarter of observed the decline in TFP.
- Notes:
- Description based on print version record.
- ISBN:
- 9781498315913
- 1498315917
- 9781498315982
- 1498315984
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