当前位置: X-MOL 学术Journal of Political Economy › 论文详情
Our official English website, www.x-mol.net, welcomes your feedback! (Note: you will need to create a separate account there.)
Credit Market Disruptions and Liquidity Spillover Effects in the Supply Chain
Journal of Political Economy ( IF 9.637 ) Pub Date : 2020-09-01 , DOI: 10.1086/708736
Anna M. Costello

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.

中文翻译:

供应链中的信贷市场中断和流动性溢出效应

银行业的冲击如何通过企业经济传播?使用一组新的公司间销售数据,我表明面临银行融资大幅外生下降的供应商将这种流动性冲击传递给了他们的下游客户。溢出效应通过两个渠道产生:提供的贸易信贷减少和商品和服务的总供应量减少。暴露于溢出效应后,下游客户表现出信用风险飙升和就业减少。总体而言,本文强调了金融溢出效应在解释企业部门结果方面的重要性。
更新日期:2020-09-01
down
wechat
bug