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BEGIN:VEVENT
UID:0de89b9b0f807c440082c5c2ea33ade2
CATEGORIES:Seminars
CREATED:20150105T164508
SUMMARY:Lunch Seminar: Francesco Manaresi - Bank of Italy
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong>Does Credit Crunch Investments Down
 ? New Evidence on the Real Effects of the Bank-Lending Channel</strong></p>
 <p style="text-align: justify;">Abstract:</p><p style="text-align: justify;
 ">This paper shows evidence on the real effects of the bank lending channel
  exploiting the dramatic 2007 liquidity drought in interbank markets as a s
 ource of variation in banks’ credit supply. For a large sample of Italian f
 irms we combine information on firm-bank credit relationships, firms and ba
 nks balance sheet data, and estimate both the direct effect of the liquidit
 y drought on the investment rate and the sensitivity to bank credit of inve
 stment (as well as of other firms outcomes) in 2007-10. We find that pre-cr
 isis exposure to the interbank markets does predict banks subsequent credit
  supply, and has a significant direct impact on firms investment rate. Cred
 it shocks have a significant impact on broader economic activity, lowering 
 firms’ value added, employment and intermediate inputs purchases; we also f
 ind evidence of its propagation through a contraction in the supply of trad
 e credit by firms.</p>
DTSTAMP:20260407T235154Z
DTSTART:20140429T130000Z
DTEND:20140429T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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