From the financial crisis to the real economy: Using firm-level data to identify transmission channels

• 成果类型: Article
• 署名作者: Claessens, Stijn; Tong, Hui; Wei, Shang-Jin
• 署名单位: International Monetary Fund; University of Amsterdam; Columbia University; Tsinghua University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2012.02.015
• 发表日期: 2012
• 页码: 375-387
• 关键词: FINANCIAL CRISIS; Real economy; Firm-level data; Transmission channels

摘要

Using accounting data for 7722 non-financial firms in 42 countries, we examine how the 2007-2009 crisis affected firm performance and how various linkages propagated shocks across borders. We isolate and compare effects from changes in business cycle, international trade, and external financing conditions, on firms' profits, sales and investment using both sectoral benchmarks and firm-specific sensitivities estimated prior to the crisis. We find that the crisis had a bigger negative impact on firms with greater sensitivity to business cycle and trade developments, particularly in countries more open to trade. Interestingly, financial openness made limited difference. (C) 2012 International Monetary Fund. Published by Elsevier B.V. All rights reserved.