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Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
ZEW Discussion Papers No. 17-064
Verlag: 
Zentrum für Europäische Wirtschaftsforschung (ZEW), Mannheim
Zusammenfassung: 
We investigate the effect of individual banks' liquidity shocks during the recent financial crisis of 2008/2009 on the innovation activities of their business customers. Individual banks' liquidity shocks are identified by the degree of interbank market usage. We use a difference-in-differences approach to identify the effect of interbank reliance during the crisis on total innovation expenditures in comparison to the periods before. Our results imply that those firms which have a business relation to a bank with higher interbank market reliance reduce their innovation activities during the financial crisis to a higher degree than other firms.
Schlagwörter: 
financial crisis
financial constraints of banks
financing of innovation
innovation activity
JEL: 
G01
G21
G30
O16
O30
O31
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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