Corporate Resilience to Banking Crises: The Roles of Trust and Trade Credit
利用34个国家1990-2011年的企业数据，研究发现社会信任高的国家中，依赖流动性的企业在银行危机期间能获得更多贸易信贷，利润和就业下降幅度更小。
Are firms more resilient to systemic banking crises in economies with higher levels of social trust? Using firm-level data in 34 countries from 1990 through 2011, we find that liquidity-dependent firms in high-trust countries obtain more trade credit and suffer smaller drops in profits and employment during banking crises than similar firms in low-trust economies. The results are consistent with the view that when banking crises block the normal bank-lending channel, greater social trust facilitates access to informal finance, cushioning the effects of these crises on corporate profits and employment.