The Real Effects of Financial Sector Interventions During Crises:
We collect new data to assess the importance of supply-side credit market frictions by studying the impact of financial sector recapitalization packages on the growth performance of firms in a large cross-section of 50 countries during the recent crisis. We develop an identification strategy that us...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C
International Monetary Fund
2011
|
| Series: | IMF Working Papers
Working Paper No. 11/45 |
| Online Access: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Summary: | We collect new data to assess the importance of supply-side credit market frictions by studying the impact of financial sector recapitalization packages on the growth performance of firms in a large cross-section of 50 countries during the recent crisis. We develop an identification strategy that uses the financial crisis as a shock to credit supply and exploits exogenous variation in the degree to which firms depend on external financing for investment needs, and focus on policy interventions aimed at alleviating the bank capital crunch. We find that the growth of firms dependent on external financing is disproportionately positively affected by bank recapitalization policies, and that this effect is quantitatively important and robust to controlling for other financial sector support policies. We also find that fiscal policy disproportionately boosted growth of firms more dependent on external financing. These results provide new evidence of a quantitatively important role of credit market frictions in influencing real economic activity |
| Physical Description: | 1 Online-Ressource (35 p) |
| ISBN: | 1455218979 9781455218974 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:26Z |
| indexdate | 2024-07-10T09:35:35Z |
| institution | BVB |
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| spelling | Valencia, Fabian Verfasser aut The Real Effects of Financial Sector Interventions During Crises Valencia, Fabian Washington, D.C International Monetary Fund 2011 1 Online-Ressource (35 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 11/45 We collect new data to assess the importance of supply-side credit market frictions by studying the impact of financial sector recapitalization packages on the growth performance of firms in a large cross-section of 50 countries during the recent crisis. We develop an identification strategy that uses the financial crisis as a shock to credit supply and exploits exogenous variation in the degree to which firms depend on external financing for investment needs, and focus on policy interventions aimed at alleviating the bank capital crunch. We find that the growth of firms dependent on external financing is disproportionately positively affected by bank recapitalization policies, and that this effect is quantitatively important and robust to controlling for other financial sector support policies. We also find that fiscal policy disproportionately boosted growth of firms more dependent on external financing. These results provide new evidence of a quantitatively important role of credit market frictions in influencing real economic activity Online-Ausg Laeven, Luc Sonstige oth http://elibrary.imf.org/view/IMF001/11687-9781455218974/11687-9781455218974/11687-9781455218974.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Valencia, Fabian The Real Effects of Financial Sector Interventions During Crises |
| title | The Real Effects of Financial Sector Interventions During Crises |
| title_auth | The Real Effects of Financial Sector Interventions During Crises |
| title_exact_search | The Real Effects of Financial Sector Interventions During Crises |
| title_exact_search_txtP | The Real Effects of Financial Sector Interventions During Crises |
| title_full | The Real Effects of Financial Sector Interventions During Crises Valencia, Fabian |
| title_fullStr | The Real Effects of Financial Sector Interventions During Crises Valencia, Fabian |
| title_full_unstemmed | The Real Effects of Financial Sector Interventions During Crises Valencia, Fabian |
| title_short | The Real Effects of Financial Sector Interventions During Crises |
| title_sort | the real effects of financial sector interventions during crises |
| url | http://elibrary.imf.org/view/IMF001/11687-9781455218974/11687-9781455218974/11687-9781455218974.xml |
| work_keys_str_mv | AT valenciafabian therealeffectsoffinancialsectorinterventionsduringcrises AT laevenluc therealeffectsoffinancialsectorinterventionsduringcrises |