Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/103822
Authors: 
Holmberg, Karolina
Year of Publication: 
2013
Series/Report no.: 
Sveriges Riksbank Working Paper Series 281
Abstract: 
Using Swedish bank lending data, investment data and accounting data, I examine how the financial crisis affected corporate investment through its effect on credit availability. Sensitivity to a credit supply shock is measured as credit reserves, defined as unused credit on lines of credit. I find that firms with low credit reserves reduced investment significantly more than other firms. However, it is not possible to determine that this relationship was caused by a shift in the supply of credit. Overall, I find no statistically strong evidence that the decline in investment was exacerbated by a contraction in credit supply.
Subjects: 
Corporate investment
Crisis
Financial Markets and the Macroeconomy
Lines of Credit
JEL: 
E22
E44
G01
G31
G32
Document Type: 
Working Paper

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