dc.contributor.author | Garicano, Luis | |
dc.contributor.author | Steinwender, Claudia | |
dc.date.accessioned | 2017-08-18T20:40:03Z | |
dash.embargo.terms | 2017-12-06 | |
dc.date.issued | 2016 | |
dc.identifier | Quick submit: 2017-05-10T15:28:12-0400 | |
dc.identifier.citation | Garicano, Luis, and Claudia Steinwender. 2016. “Survive Another Day: Using Changes in the Composition of Investments to Measure the Cost of Credit Constraints.” Review of Economics and Statistics 98 (5) (December): 913–924. doi:10.1162/rest_a_00566. | en_US |
dc.identifier.issn | 0034-6535 | en_US |
dc.identifier.uri | http://nrs.harvard.edu/urn-3:HUL.InstRepos:33785680 | |
dc.description.abstract | We introduce a novel empirical strategy to measure the size of credit shocks. Theoretically, we show that credit shocks reduce the value of long-term relative to short-term investments. Empirically, we can therefore compare the reduction of long-term relative to short-term investments within firms, allowing for firm-times-year fixed effects. Using Spanish firm-level data, we estimate the credit crunch to be equivalent to an additional tax rate of around 11% on the longest-lived capital. To pin down credit constraints as the underlying cause, we apply triple-differences strategies using foreign ownership or precrisis debt maturity. | en_US |
dc.language.iso | en_US | en_US |
dc.publisher | MIT Press - Journals | en_US |
dc.relation.isversionof | 10.1162/rest_a_00566 | en_US |
dash.license | LAA | |
dc.subject | financial crisis | en_US |
dc.subject | economic growth | en_US |
dc.subject | investment | en_US |
dc.subject | credit | en_US |
dc.title | Survive Another Day: Using Changes in the Composition of Investments to Measure the Cost of Credit Constraints | en_US |
dc.type | Journal Article | en_US |
dc.date.updated | 2017-05-10T19:27:43Z | |
dc.description.version | Version of Record | en_US |
dc.relation.journal | Review of Economics and Statistics | en_US |
dash.depositing.author | Steinwender, Claudia | |
dc.date.available | 2017-12-06T08:30:52Z | |
dc.data.uri | https://dataverse.harvard.edu/dataset.xhtml?persistentId=doi:10.7910/DVN/FMEJRM) | en_US |
dc.identifier.doi | 10.1162/rest_a_00566 | * |
workflow.legacycomments | cat.complete | en_US |
dash.contributor.affiliated | Steinwender, Claudia | |