Financial Frictions and the Great Productivity Slowdown
利用跨国企业数据，研究2008年金融危机前后企业资产负债表状况对生产率增长的影响，发现危机前财务脆弱的企业在危机后全要素生产率增长持续下降，约占企业内生产率减速的三分之一。
Abstract We study the role of financial frictions for productivity. Using a rich cross-country firm-level data, we exploit variation in preexisting exposure to the 2008 global financial crisis to study the post-crisis productivity slowdown. Firms with weaker precrisis balance sheets experienced a highly persistent decline in post-crisis total factor productivity growth relative to their less vulnerable counterparts, accounting for about one-third of the within-firm productivity slowdown. This decline was larger for firms that faced a more severe tightening of credit conditions. Financially fragile firms cut back on innovation activities, one channel through which financial frictions weakened post-crisis productivity growth.