Speaker:
Francesco Bripi
- Banca d'Italia
Wednesday, January 27, 2016
at
12:00 PM
Polo Santa Marta, Via Cantarane 24, Stanza 1.59
This paper investigates the relationship between bank credit and services exports of Italian firms during the sovereign debt crisis. In order to identify the role of the credit constraints on services exports we use matched data of bank-firm relationships and the shocks affecting banks‟ foreign funding during the crisis. The estimates suggest that credit constraints had a significant impact on the intensive margin of services exports: a bank credit reduction of 1% induces a fall in export flows by almost 0.5%. The results are robust to alternative definitions of the instrumental variable and to the inclusion of various firm observed and unobserved shocks.
- Programme Director
-
Filippo
Pavesi
-
External reference
-
Luca Zarri
- Publication date
-
August 24, 2015
