乘数(经济学)
四分之一(加拿大硬币)
经济
营运资金
货币经济学
首都(建筑)
鉴定(生物学)
业务
财务
宏观经济学
植物
考古
生物
历史
作者
Heitor Almeida,Daniel Carvalho,Tae-Hyun Kim
摘要
ABSTRACT We provide novel evidence that funding frictions can limit firms’ short‐term investments in receivables and inventories, reducing their production capacity. We propose a credit multiplier driven by these considerations and empirically isolate its importance by comparing how a similar firm responds to shocks differently when these shocks are initiated in their most profitable quarter (“main quarter”). We implement this test using recurring and unpredictable shocks (e.g., oil shocks) and provide extensive evidence supporting our identification strategy. Our results suggest that funding constraints and credit multiplier effects are significant for smaller firms that heavily rely on financing from suppliers.
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