This paper takes advantage of access to detailed matched bank-firm data to investigate whether and how employment decisions of SMEs have been affected by credit constraints in the wake of the Great Recession. Variability in banks' financial health following the 2008 crisis is used as an...

We investigate three popular supply-side explanations for the run-up in international housing prices prior to the financial crisis: loose monetary policy, a global savings glut, and deteriorating credit standards. Unlike prior studies, we use both central bank surveys and economic data to...

Many studies have provided evidence that the correlation between firm-level productivity and export status is driven by more productive firms self-selecting into exporting. Nevertheless, a few studies have also found evidence for a reverse channel of causation. Especially in developing or...

The theory on the disaster impacts on firm growth is ambiguous and the empirical evidence on this topic is scarce, which hampers the design of disaster risk reduction and climate change adaptation policies. This paper estimates growth models of the impacts of natural disasters on labour,...

Short selling constraints predict negative stock returns at the monthly frequency, but is it a monthly phenomenon? We show that short selling constraints are persistent, lasting nine months on average, and therefore measured subsequent negative returns cannot be due primarily to an easing of...

During the financial crisis, credit was reduced for many firms, and employment decreased everywhere and in most sectors. In this paper, we test whether there is a link between the financial system and job destruction through a decline in credit availability. We construct a new data set that...

We study the impact of borrowing constraints on home ownership and housing demand by comparing the tenure choice and housing quality of consumers who receive intra-family wealth transfers to those that do not. Our analysis is based on household-level panel data providing information on the...