What Hinders Investment in the Aftermath of Financial Crises: Insolvent Firms or Illiquid Banks?

• 成果类型: Article
• 署名作者: Kalemli-Ozcan, Sebnem; Kamil, Herman; Villegas-Sanchez, Carolina
• 署名单位: University System of Maryland; University of Maryland College Park; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE)
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00590
• 发表日期: 2016-10
• 页码: 756-769
• 关键词: liquidity shocks evidence; monetary-policy; international transmission; credit conditions; emerging market

摘要

We quantify the effects of lending and balance sheet channels on corporate investment during large devaluations. We find that if currency crises are accompanied by banking crises, domestic exporters holding unhedged foreign currency debt decrease investment while foreign exporters with better access to credit increase investment despite their unhedged foreign currency debt. We do not find such a differential effect under pure currency crises. Using firm-bank matched data during the global financial crisis, we showthat both domestic and foreign-owned firms experienced a decline in bank credit from affected banks; however, foreign-owned firms substituted the lost credit.