Investment slumps during financial crises: The real effects of credit supply

• 成果类型: Article
• 署名作者: Fakos, Alexandros; Sakellaris, Plutarchos; Tavares, Tiago
• 署名单位: Instituto Tecnologico Autonomo de Mexico; Athens University of Economics & Business; Instituto Tecnologico Autonomo de Mexico
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2022.04.004
• 发表日期: 2022
• 页码: 29-44
• 关键词: credit supply; Firm investment; financial crises; Greek depression

摘要

Using new census-type data and a dynamic structural model, we study the effect of credit supply on investment by manufacturing firms during the Greek depression. Real factors (profitability, uncertainty, and taxes) account for only a fraction of the substantial drop in investment observed in the data. The reduction in credit supply has significant real effects, explaining 11-32% of the investment slump. We also find that exporting firms, which reduce investment and deleverage despite their improved profitability during the crisis, face a contraction in credit supply similar to that of non-exporters, suggesting that the credit supply shock has a significant common component.(c) 2022 Elsevier B.V. All rights reserved.