Production and Financial Networks in Interplay
研究发现银行对企业的冲击会沿着生产网络传播，上游效应强于下游，且网络传播使银行冲击对GDP增长的影响放大近50%。
We show that bank shocks to firms propagate along the production network with stronger upstream than downstream effects. Our identification relies on (i) administrative datasets from Spain covering supplier-customer transactions and bank loans, (ii) bank credit supply shocks from the global financial crisis, and (iii) a general equilibrium model of a production network with financial frictions, estimated structurally. We find network propagation amplifies the impact of bank shocks on GDP growth by nearly 50 percent. Moreover, bank shocks to firms’ distant suppliers and customers contribute similarly to this aggregate effect as bank shocks to firms’ direct customers and suppliers.