Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/108759 
Erscheinungsjahr: 
2014
Schriftenreihe/Nr.: 
ifo Working Paper No. 192
Verlag: 
ifo Institute - Leibniz Institute for Economic Research at the University of Munich, Munich
Zusammenfassung: 
This paper advocates for incorporating timely measures of firms' current situation and future expectations when disentangling real effects of credit supply from demand-side factors. Identification of supply-side effects in firm-level analyses often relies on balance sheet variables to control for firm heterogeneity. While balance sheets mirror past business, bias from contemporaneous and forward-looking firm-side factors may persist.Using German firm-level survey data from 2003 to 2011, we show that controllingfor firms' current situation and future expectations reduces upward bias in estimatedcredit supply-side effects on firm-level production. This is particularly important when market data is unavailable for firms.
Schlagwörter: 
Credit constraints
production
employment
matching estimator
JEL: 
G21
E23
L25
Dokumentart: 
Working Paper

Datei(en):
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