Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/175371
Authors: 
Giebel, Marek
Kraft, Kornelius
Year of Publication: 
2018
Series/Report no.: 
ZEW Discussion Papers 18-011
Abstract: 
We analyze the causal effect of the credit supply shock to banks induced by interbank market disruptions in the recent financial crisis 2008/2009 on their business customers' innovation activity. Using a matched bank-firm data set for Germany, we find that having relations with a more severely affected bank seriously hampers firms' current innovation activities due to funding shortages. Furthermore, we find that firms with a relationship to a less severely affected bank are more likely to initiate new product and process innovations and to reallocate human resources to innovation during the financial crisis.
Subjects: 
financing of innovations
credit supply
financial crisis
innovative activities
JEL: 
G01
G21
G30
O16
O30
O31
Persistent Identifier of the first edition: 
Document Type: 
Working Paper
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