Productivity, Credit Constraints and the Role of Short-Run Localization Economies: Micro-Evidence from Italy
研究了意大利制造业企业的信贷约束对生产率的影响，发现短期本地化经济能直接提升生产率，并通过企业间信贷关系缓解信贷配给的负面效应，且该缓解作用随当地银行密度增加而增强。
Ganau R. Productivity, credit constraints and the role of short-run localization economies: micro-evidence from Italy, Regional Studies. This paper investigates whether Italian manufacturing firms’ productivity is affected by credit constraints, and whether short-run localization economies foster productivity both directly and indirectly, moderating the negative effects of credit rationing via inter-firm credit relationships. Results suggest a negative effect of credit rationing on firms’ productivity, while a positive relationship exists between short-run localization economies and productivity. It emerges that location in an industrially concentrated area reduces firms’ investment-to-cash flow sensitivity, and that it positively moderates the negative effect of credit rationing on productivity. Moreover, the positive moderation effect seems to be increasing in the density of the local banking system.