Financial Frictions and the Great Productivity Slowdown

• 成果类型: Article
• 署名作者: Duval, Romain; Hong, Gee Hee; Timmer, Yannick
• 署名单位: International Monetary Fund
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhz063
• 发表日期: 2020
• 页码: 475
• 关键词: credit constraints; DYNAMICS; INVESTMENT; allocation; liquidity; funds; FIRMS

摘要

We study the role of financial frictions for productivity. Using a rich cross-country firm-level data, we exploit variation in preexisting exposure to the 2008 global financial crisis to study the post-crisis productivity slowdown. Firms with weaker precrisis balance sheets experienced a highly persistent decline in post-crisis total factor productivity growth relative to their less vulnerable counterparts, accounting for about one-third of the within-firm productivity slowdown. This decline was larger for firms that faced a more severe tightening of credit conditions. Financially fragile firms cut back on innovation activities, one channel through which financial frictions weakened post-crisis productivity growth.