Dottori, Davide; Micucci, Giacinto; Sigalotti, Laura - 2022
This paper provides an empirical investigation of the substitution hypothesis between trade indebtedness and bank loans …, based on a sample of 245,000 Italian firms for the period 2010-15, when episodes of bank credit contraction occurred. The … econometric approach is based on a shift-and-share IV strategy aimed at isolating the causal effect of bank credit supply shocks …