Credit shocks, employment protection, and growth:firm-level evidence from spain
利用西班牙劳动法对50人以上企业更严格的规定，发现2008-09年信贷紧缩期间，从问题银行借款的50人以下健康企业在生产要素可替代的行业增长更快，因为企业用劳动替代了资本。
We exploit a provision in Spanish labor laws whereby employment protection is more stringent for firms with 50+ employees. Firm-level evidence suggests that during the credit crunch of 2008-09, healthy firms with less than 50 employees borrowing from troubled banks grew faster in sectors where production factors were sufficiently substitutable. This effect is made possible by firms’ substituting labor for capital when the rental cost of capital increases. Our analysis sheds new light on the importance of labor regulation and the technological substitutability of the factors of production in enabling firms to adjust to financial shocks.