CREDIT MISALLOCATION DURING THE EUROPEAN FINANCIAL CRISIS

• 成果类型: Article
• 署名作者: Schivardi, Fabiano; Sette, Enrico; Tabellini, Guido
• 署名单位: Luiss Guido Carli University; European Central Bank; Bank of Italy; Bocconi University
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1093/ej/ueab039
• 发表日期: 2022
• 页码: 391-423
• 关键词: productivity; shocks; FIRMS; selection; TFP

摘要

Using data on bank-firm relationships in Italy during the Eurozone financial crisis, we show that: (i) compared to healthy banks, under-capitalised banks cut credit to healthy but not to zombie firms and are more likely to prolong a credit relationship with a zombie; (ii) in area sectors with more low-capital banks, zombies are more likely to survive; (iii) bank under-capitalisation does not hurt the growth rate of healthy firms. We provide evidence that extending credit to the weakest firms during the recession mitigated the disruption of supply chains and adverse local demand externalities.