Banks, firms, and jobs
by Fabio Berton, Sauro Mocetti, Andrea F. Presbitero, and Matteo Richiardi
We analyze the employment effects of financial shocks using a rich data set of job contracts, matched with the universe of firms and their lending banks in one Italian region. To isolate the effect of the financial shock we construct a firm-specific time-varying measure of credit supply. The contraction in credit supply explains one fourth of the reduction in employment. This result is concentrated in more levered and less productive firms. Also, the relatively less educated and less skilled workers with temporary contracts are the most affected. Our results are consistent with the cleansing role of financial shocks
Year of publication: |
February 2017
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Authors: | Berton, Fabio ; Mocetti, Sauro ; Presbitero, Andrea ; Richiardi, Matteo |
Publisher: |
[Washington, D.C.] : International Monetary Fund |
Subject: | employment effects | financial shock | Unternehmensfinanzierung | Corporate finance | Kredit | Credit | Bank | Schock | Shock | Italien | Italy | 2008-2012 |
Saved in:
freely available
Extent: | 1 Online-Ressource (circa 58 Seiten) Illustrationen |
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Series: | IMF working papers. - Washington, DC : IMF, ZDB-ID 2108494-4. - Vol. WP/17, 38 |
Type of publication: | Book / Working Paper |
Type of publication (narrower categories): | Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature |
Language: | English |
ISBN: | 978-1-4755-7901-7 |
Other identifiers: | 10.5089/9781475579017.001 [DOI] |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10011716594