Credit Market Disruptions and Liquidity Spillover Effects in the Supply Chain
研究银行部门冲击如何通过企业间销售数据传导至下游客户，发现供应商受银行融资冲击后会减少贸易信贷和商品供给，导致下游客户信用风险上升和就业下降。
How do shocks to the banking sector travel through the corporate economy? Using a novel data set of interfirm sales, I show that suppliers exposed to a large and exogenous decline in bank financing pass this liquidity shock to their downstream customers. The spillover effect occurs through two channels: a reduction in trade credit offered and a reduction in the total supply of goods and services. After exposure to the spillover, downstream customers show a spike in credit risk and a reduction in employment. Overall, the paper highlights the importance of financial spillovers in explaining corporate sector outcomes.