Bijlsma, Michiel; Dubovik, Andrei; Straathof, Bas - Centraal Planbureau (CPB), Government of the Netherlands - 2013
Reduced credit supply in the years 2008 and 2009 should have resulted in lower growth in industries that are more dependent on external finance. This effect should have been stronger in countries with a more prominent and/or more leveraged financial system.
We focus on the OECD countries and,...