The Banks that Said No: the Impact of Credit Supply on Productivity and Wages
Abstract This paper estimates the effects of changes in bank credit supply on the real economy. We use UK firm-level data around the global financial crisis and information on pre-existing bank lending relationships to isolate exogenous credit supply shocks. We find some evidence that contractions i...
Ausführliche Beschreibung
Gespeichert in:
| Autor*in: |
Franklin, Jeremy [verfasserIn] |
|---|
| Format: |
Artikel |
|---|---|
| Sprache: |
Englisch |
| Erschienen: |
2019 |
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| Schlagwörter: |
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| Anmerkung: |
© The Author(s) 2019 |
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| Übergeordnetes Werk: |
Enthalten in: Journal of financial services research - Springer US, 1987, 57(2019), 2 vom: 03. Apr., Seite 149-179 |
|---|---|
| Übergeordnetes Werk: |
volume:57 ; year:2019 ; number:2 ; day:03 ; month:04 ; pages:149-179 |
| Links: |
|---|
| DOI / URN: |
10.1007/s10693-019-00306-8 |
|---|
| Katalog-ID: |
OLC2074091370 |
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| 520 | |a Abstract This paper estimates the effects of changes in bank credit supply on the real economy. We use UK firm-level data around the global financial crisis and information on pre-existing bank lending relationships to isolate exogenous credit supply shocks. We find some evidence that contractions in credit supply substantially reduce labour productivity, wages, and capital per worker within firms, and increase the chance firms will fail. Our results have implications for the welfare costs of financial crises, and for the costs of policy measures affecting credit supply at other times. | ||
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10.1007/s10693-019-00306-8 doi (DE-627)OLC2074091370 (DE-He213)s10693-019-00306-8-p DE-627 ger DE-627 rakwb eng 330 VZ 3,2 ssgn 83.00 bkl Franklin, Jeremy verfasserin aut The Banks that Said No: the Impact of Credit Supply on Productivity and Wages 2019 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © The Author(s) 2019 Abstract This paper estimates the effects of changes in bank credit supply on the real economy. We use UK firm-level data around the global financial crisis and information on pre-existing bank lending relationships to isolate exogenous credit supply shocks. We find some evidence that contractions in credit supply substantially reduce labour productivity, wages, and capital per worker within firms, and increase the chance firms will fail. Our results have implications for the welfare costs of financial crises, and for the costs of policy measures affecting credit supply at other times. Firm behaviour Productivity Credit supply Banks Rostom, May aut Thwaites, Gregory aut Enthalten in Journal of financial services research Springer US, 1987 57(2019), 2 vom: 03. Apr., Seite 149-179 (DE-627)170221490 (DE-600)1027136-3 (DE-576)032728409 0920-8550 nnns volume:57 year:2019 number:2 day:03 month:04 pages:149-179 https://doi.org/10.1007/s10693-019-00306-8 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 83.00 VZ AR 57 2019 2 03 04 149-179 |
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10.1007/s10693-019-00306-8 doi (DE-627)OLC2074091370 (DE-He213)s10693-019-00306-8-p DE-627 ger DE-627 rakwb eng 330 VZ 3,2 ssgn 83.00 bkl Franklin, Jeremy verfasserin aut The Banks that Said No: the Impact of Credit Supply on Productivity and Wages 2019 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © The Author(s) 2019 Abstract This paper estimates the effects of changes in bank credit supply on the real economy. We use UK firm-level data around the global financial crisis and information on pre-existing bank lending relationships to isolate exogenous credit supply shocks. We find some evidence that contractions in credit supply substantially reduce labour productivity, wages, and capital per worker within firms, and increase the chance firms will fail. Our results have implications for the welfare costs of financial crises, and for the costs of policy measures affecting credit supply at other times. Firm behaviour Productivity Credit supply Banks Rostom, May aut Thwaites, Gregory aut Enthalten in Journal of financial services research Springer US, 1987 57(2019), 2 vom: 03. Apr., Seite 149-179 (DE-627)170221490 (DE-600)1027136-3 (DE-576)032728409 0920-8550 nnns volume:57 year:2019 number:2 day:03 month:04 pages:149-179 https://doi.org/10.1007/s10693-019-00306-8 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 83.00 VZ AR 57 2019 2 03 04 149-179 |
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10.1007/s10693-019-00306-8 doi (DE-627)OLC2074091370 (DE-He213)s10693-019-00306-8-p DE-627 ger DE-627 rakwb eng 330 VZ 3,2 ssgn 83.00 bkl Franklin, Jeremy verfasserin aut The Banks that Said No: the Impact of Credit Supply on Productivity and Wages 2019 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © The Author(s) 2019 Abstract This paper estimates the effects of changes in bank credit supply on the real economy. We use UK firm-level data around the global financial crisis and information on pre-existing bank lending relationships to isolate exogenous credit supply shocks. We find some evidence that contractions in credit supply substantially reduce labour productivity, wages, and capital per worker within firms, and increase the chance firms will fail. Our results have implications for the welfare costs of financial crises, and for the costs of policy measures affecting credit supply at other times. Firm behaviour Productivity Credit supply Banks Rostom, May aut Thwaites, Gregory aut Enthalten in Journal of financial services research Springer US, 1987 57(2019), 2 vom: 03. Apr., Seite 149-179 (DE-627)170221490 (DE-600)1027136-3 (DE-576)032728409 0920-8550 nnns volume:57 year:2019 number:2 day:03 month:04 pages:149-179 https://doi.org/10.1007/s10693-019-00306-8 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 83.00 VZ AR 57 2019 2 03 04 149-179 |
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Abstract This paper estimates the effects of changes in bank credit supply on the real economy. We use UK firm-level data around the global financial crisis and information on pre-existing bank lending relationships to isolate exogenous credit supply shocks. We find some evidence that contractions in credit supply substantially reduce labour productivity, wages, and capital per worker within firms, and increase the chance firms will fail. Our results have implications for the welfare costs of financial crises, and for the costs of policy measures affecting credit supply at other times. © The Author(s) 2019 |
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Abstract This paper estimates the effects of changes in bank credit supply on the real economy. We use UK firm-level data around the global financial crisis and information on pre-existing bank lending relationships to isolate exogenous credit supply shocks. We find some evidence that contractions in credit supply substantially reduce labour productivity, wages, and capital per worker within firms, and increase the chance firms will fail. Our results have implications for the welfare costs of financial crises, and for the costs of policy measures affecting credit supply at other times. © The Author(s) 2019 |
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Abstract This paper estimates the effects of changes in bank credit supply on the real economy. We use UK firm-level data around the global financial crisis and information on pre-existing bank lending relationships to isolate exogenous credit supply shocks. We find some evidence that contractions in credit supply substantially reduce labour productivity, wages, and capital per worker within firms, and increase the chance firms will fail. Our results have implications for the welfare costs of financial crises, and for the costs of policy measures affecting credit supply at other times. © The Author(s) 2019 |
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We use UK firm-level data around the global financial crisis and information on pre-existing bank lending relationships to isolate exogenous credit supply shocks. We find some evidence that contractions in credit supply substantially reduce labour productivity, wages, and capital per worker within firms, and increase the chance firms will fail. 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