Does Credit Crunch Investment Down? New Evidence on the Real Effects of the Bank-Lending Channel
利用2007年金融危机后银行间市场流动性枯竭作为信贷供给变化来源，基于意大利企业-银行匹配数据，发现若银行间市场未崩溃，企业投资支出将高出20%以上，且每增加1欧元信贷，投资增加约30欧分。
We quantify the real effects of the bank-lending channel exploiting the dramatic liquidity drought in interbank markets that followed the 2007 financial crisis as a source of variation in credit supply. Using a large sample of matched firm–bank data from Italy, we find had the interbank market not collapsed, investment expenditure would have been more than 20% higher and would have increased by around 30 cents per additional euro of available credit at the average firm. We also find that credit shocks affect the firm's value added, employment and input purchases, and propagate through firms' trade credit chains. Received July 8, 2014; accepted April 12, 2016 by Editor Andrew Karolyi.