Subsidized working capital loans and firm growth in times of crisis
利用匈牙利企业面板数据和匹配方法，研究发现疫情期间补贴性营运资本贷款促进了企业销售和就业增长，但不同行业影响有差异。
I estimate the effects of subsidized working capital loans on Hungarian firms during the COVID-19 pandemic with panel data and matching methods. Sales and employment rose, with sales growing in expanding sectors and employment increasing in declining ones. • I study subsidized working capital loans in Hungary during the COVID-19 crisis. • Sales and employment grew after receiving a loan. • In growing sectors there is a sales effect only. • In contracting sectors the employment effect dominates.