Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/208305
Authors: 
Barbosa, Luciana
Bilan, Andrada
Célérier, Claire
Year of Publication: 
2019
Series/Report no.: 
ECB Working Paper No. 2271
Abstract: 
We identify the effects of exogenous credit constraints on firm ability to attract and retain skilled workers. To do so, we exploit a shock to the value of the pension obligations of Portuguese banks resulting from a change in accounting norms. Using bank-firm credit exposures that we match with a census of all Portuguese employees, we show that firms in a relationship with affected banks borrow less and reduce employment mostly of high-skilled workers. High-skilled workers are more likely to exit and less likely to join affected firms. Overall, credit market frictions might have long lasting effects on firm productivity and growth through firm accumulation of human capital.
Subjects: 
Credit Frictions
Employment
Skills
Wages
JEL: 
G21
J21
J24
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-3533-3
Document Type: 
Working Paper

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