Regional Heterogeneity in Firm Dynamics: The Case of Italy
In: Italian economic journal: official peer-reviewed journal of the Italian Economic Association
ISSN: 2199-3238
37 Ergebnisse
Sortierung:
In: Italian economic journal: official peer-reviewed journal of the Italian Economic Association
ISSN: 2199-3238
In: Bank of Italy Temi di Discussione (Working Paper) No. 1051
SSRN
Working paper
SSRN
In: Quaderni - Working Paper DSE N° 1173
SSRN
We study the effects on corporate loan rates of an unexpected change in the Italian legislation which forbade interlocking directorates between banks. Exploiting multiple firm-bank relationships to fully account for all unobserved heterogeneity, we find that prohibiting interlocks decreased the interest rates of previously interlocked banks by 16 basis points relative to other banks. The effect is stronger for high quality firms and for loans extended by interlocked banks with a large joint market share. Interest rates on loans from previously interlocked banks become more dispersed. Finally, firms borrowing more from previously interlocked banks expand investment, employment and sales.
BASE
In: The economic journal: the journal of the Royal Economic Society, Band 132, Heft 641, S. 391-423
ISSN: 1468-0297
Abstract
Using data on bank-firm relationships in Italy during the Eurozone financial crisis, we show that: (i) compared to healthy banks, under-capitalised banks cut credit to healthy but not to zombie firms and are more likely to prolong a credit relationship with a zombie; (ii) in area sectors with more low-capital banks, zombies are more likely to survive; (iii) bank under-capitalisation does not hurt the growth rate of healthy firms. We provide evidence that extending credit to the weakest firms during the recession mitigated the disruption of supply chains and adverse local demand externalities.
In: Bank of Italy Occasional Paper No. 650
SSRN
In: CEPR Discussion Paper No. DP14654
SSRN
Working paper
In: CEPR Discussion Paper No. DP14758
SSRN
Working paper
In: Bank of Italy Occasional Paper No. 487, April 2019
SSRN
Working paper
In: CESifo Working Paper Series No. 6406
SSRN
Working paper
In: BAFFI CAREFIN Centre Research Paper No. 2017-53
SSRN
Working paper
SSRN
Working paper
SSRN
Working paper
In: CEPR Discussion Paper No. DP15473
SSRN
Working paper