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Credit Supply and Productivity Growth
by Francesco Manaresi and Nicola Pierri

Series:Working Paper No. 19/107
ISBN 9781498315258
Code: #WPIEA2019107

Publication year: 2019

Cdn: $27.00; US: $25.00
Paperback
Language: English
75 pages
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We study the impact of bank credit on firm productivity. We exploit a matched firm-bank database covering all the credit relationships of Italian corporations, together with a natural experiment, to measure idiosyncratic supply-side shocks to credit availability and to estimate a production model augmented with financial frictions. We find that a contraction in credit supply causes a reduction of firm TFP growth and also harms IT-adoption, innovation, exporting, and adoption of superior management practices, while a credit expansion has limited impact. Quantitatively, the credit contraction between 2007 and 2009 accounts for about a quarter of observed the decline in TFP.
Credit Supply and Productivity Growth
Cdn: $27.00; US: $25.00
International Monetary Fund (IMF) BookID: 125112 Added: 2019.6.14