Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/154292
Authors: 
Buca, Andra
Vermeulen, Philip
Year of Publication: 
2015
Series/Report no.: 
ECB Working Paper 1859
Abstract: 
We use the recent financial crisis period to analyse the effect of bank credit tightening on real firm investment. We derive a new set of credit tightening indexes from the ECB Bank Lending Survey. Combining these with annual balance sheet data from Germany, France, Italy, Spain, Belgium and Portugal, we exploit the heterogeneity in the dependence on bank finance of different industries to identify real effects of credit tightening. We show that in response to tightening, investment falls substantially more in bank-dependent industries.
Subjects: 
corporate investment
credit crunch
financial crisis
JEL: 
E22
E44
G01
ISBN: 
978-92-899-1672-1
Document Type: 
Working Paper

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