Format du dépôt |
Fichier |
Type de dépôt |
Pré-publication, Document de travail |
Titre |
en
One Size Does Not Fit All: TFP in the Aftermath of Financial Crises in Three European Countries
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Résumé |
en
We analyse the impact of both the Global Financial Crisis of 2008 and the European sovereign and banking crisis of 2011-13 on firm-level productivity in France, Italy and Spain. We show that relying on a single break date in 2008 misses both the Eurozone crisis and countries' institutional specificities. Although leverage and financial constraints affect firm-level productivity negatively, high-leverage firms suffer more from financial constraints only in Italy, when they are relatively small or when their debt is of short maturity. These results call for approaches taking into consideration country-level characteristics of financial institutions and time varying financing constraints of the firms, instead of pooling data and adopting a common break date. One size does not fit all when it comes to identifying the impact of financial crises on firm level productivity.
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Auteur(s)
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Christian Abele
1
, Agnès Bénassy-Quéré
2, 1, 3, 4
, Lionel Fontagné
1, 5, 4
1
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
-
Université Paris 1 Panthéon-Sorbonne ( 7550 )
;
-
École normale supérieure - Paris ( 59704 )
;
-
Université Paris Sciences et Lettres ( 564132 )
;
-
École des hautes études en sciences sociales ( 99539 )
;
-
École des Ponts ParisTech ( 301545 )
;
-
Centre National de la Recherche Scientifique ( 441569 )
;
-
Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement ( 577435 )
2
PJSE -
Paris Jourdan Sciences Economiques
( 578027 )
- 48 boulevard Jourdan 75014 Paris
- France
-
Université Paris 1 Panthéon-Sorbonne UMR8545 ( 7550 )
;
-
École normale supérieure - Paris ( 59704 )
;
-
Université Paris Sciences et Lettres ( 564132 )
;
-
École des hautes études en sciences sociales ( 99539 )
;
-
École des Ponts ParisTech ( 301545 )
;
-
Centre National de la Recherche Scientifique ( 441569 )
;
-
Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement UMR1393 ( 577435 )
3
CESifo
( 206049 )
- Allemagne
-
Center for Economic Studies ( 350479 )
;
-
Ifo Institute ( 350480 )
;
-
CESifo GmbH ( 350481 )
4
UP1 UFR02 -
Université Paris 1 Panthéon-Sorbonne - École d'économie de la Sorbonne
( 1063812 )
- 90 rue de Tolbiac - 75013 Paris
- France
-
Université Paris 1 Panthéon-Sorbonne ( 7550 )
5
CEPII -
Centre d'Etudes Prospectives et d'Informations Internationales
( 39083 )
- 9 rue Georges Pitard - 75740 Paris Cedex 15
- France
-
Centre d'analyse stratégique ( 309406 )
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Public visé |
Scientifique
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Langue du document |
Anglais
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Date de production/écriture |
2020-12
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Mots-clés (JEL) |
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D - Microeconomics/D.D2 - Production and Organizations/D.D2.D24 - Production • Cost • Capital • Capital, Total Factor, and Multifactor Productivity • Capacity
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E - Macroeconomics and Monetary Economics/E.E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy/E.E2.E22 - Investment • Capital • Intangible Capital • Capacity
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E - Macroeconomics and Monetary Economics/E.E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy/E.E2.E23 - Production
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E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E44 - Financial Markets and the Macroeconomy
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Domaine(s) |
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Sciences de l'Homme et Société/Economies et finances
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Référence interne |
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PSE Working Papers n°2020-43
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Projet(s) ANR |
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Mots-clés |
en
total factor productivity, firm-level data, financial constraints, crises
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