Does Credit Crunch Investment Down? New Evidence on the Real Effects of the Bank-Lending Channel

• 成果类型: Article
• 署名作者: Cingano, Federico; Manaresi, Francesco; Sette, Enrico
• 署名单位: European Central Bank; Bank of Italy
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhw040
• 发表日期: 2016
• 页码: 2737
• 关键词: liquidity shocks evidence; firm-level evidence; corporate-investment; cash flow; MARKET; asset; transmission; management; CRISIS

摘要

We quantify the real effects of the bank-lending channel exploiting the dramatic liquidity drought in interbank markets that followed the 2007 financial crisis as a source of variation in credit supply. Using a large sample of matched firm-bank data from Italy, we find had the interbank market not collapsed, investment expenditure would have been more than 20% higher and would have increased by around 30 cents per additional euro of available credit at the average firm. We also find that credit shocks affect the firm's value added, employment and input purchases, and propagate through firms' trade credit chains. (JEL E22, E44, G01, G21, G32)