BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//jEvents 2.0 for Joomla//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
BEGIN:VEVENT
UID:0de89b9b0f807c440082c5c2ea33ade2
CATEGORIES:Seminars
CREATED:20150105T164508
SUMMARY:Lunch Seminar: Francesco Manaresi - Bank of Italy
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Does Credit Crunch Investments Down? New Evidence on the Real Effects of th
 e Bank-Lending Channel\nAbstract:\nThis paper shows evidence on the real ef
 fects of the bank lending channel exploiting the dramatic 2007 liquidity dr
 ought in interbank markets as a source of variation in banks’ credit supply
 . For a large sample of Italian firms we combine information on firm-bank c
 redit relationships, firms and banks balance sheet data, and estimate both 
 the direct effect of the liquidity drought on the investment rate and the s
 ensitivity to bank credit of investment (as well as of other firms outcomes
 ) in 2007-10. We find that pre-crisis exposure to the interbank markets doe
 s predict banks subsequent credit supply, and has a significant direct impa
 ct on firms investment rate. Credit shocks have a significant impact on bro
 ader economic activity, lowering firms’ value added, employment and interme
 diate inputs purchases; we also find evidence of its propagation through a 
 contraction in the supply of trade credit by firms.\n
DTSTAMP:20260407T235026Z
DTSTART:20140429T130000Z
DTEND:20140429T140000Z
SEQUENCE:0
TRANSP:OPAQUE
END:VEVENT
END:VCALENDAR