Supporting small firms through recessions and recoveries

Detalhes bibliográficos
Autor(a) principal: Bonfim, Diana
Data de Publicação: 2022
Outros Autores: Custódio, Cláudia, Raposo, Clara
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/25791
Resumo: We use variation in the access to a government credit certification program to estimate the financial and real effects of supporting small firms. This program has been implemented during the global financial crisis, but has remained active ever since, allowing us to analyze its effects both during recessions and recoveries. Eligible firms have access to government loan guarantees and a credit quality certification. We estimate real effects using a multidimensional regression discontinuity design. We find that eligible firms borrow more and at lower rates than non-eligible firms, allowing them to increase investment and employment during crises. Industry-level analysis shows reduced productivity heterogeneity in more exposed industries, which is consistent with improved credit allocation. However, when the economy is recovering the effects of the program are less pronounced and centered on the certification component..
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spelling Supporting small firms through recessions and recoveriesSmall Firms’ FinancingCredit RatingCredit CertificationCost of DebtInvestmentWe use variation in the access to a government credit certification program to estimate the financial and real effects of supporting small firms. This program has been implemented during the global financial crisis, but has remained active ever since, allowing us to analyze its effects both during recessions and recoveries. Eligible firms have access to government loan guarantees and a credit quality certification. We estimate real effects using a multidimensional regression discontinuity design. We find that eligible firms borrow more and at lower rates than non-eligible firms, allowing them to increase investment and employment during crises. Industry-level analysis shows reduced productivity heterogeneity in more exposed industries, which is consistent with improved credit allocation. However, when the economy is recovering the effects of the program are less pronounced and centered on the certification component..GEE PapersRepositório da Universidade de LisboaBonfim, DianaCustódio, CláudiaRaposo, Clara2022-10-25T14:55:17Z20222022-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/25791engBonfim, Diana; Cláudia Custódio and Clara Raposo.(2022). “Supporting small firms through recessions and recoveries”. GEE Paper ; nº 170/ 221647-6212 (Online)info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-11-20T19:23:02Zoai:repositorio.ul.pt:10400.5/25791Portal AgregadorONGhttps://www.rcaap.pt/oai/openairemluisa.alvim@gmail.comopendoar:71602024-11-20T19:23:02Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Supporting small firms through recessions and recoveries
title Supporting small firms through recessions and recoveries
spellingShingle Supporting small firms through recessions and recoveries
Bonfim, Diana
Small Firms’ Financing
Credit Rating
Credit Certification
Cost of Debt
Investment
title_short Supporting small firms through recessions and recoveries
title_full Supporting small firms through recessions and recoveries
title_fullStr Supporting small firms through recessions and recoveries
title_full_unstemmed Supporting small firms through recessions and recoveries
title_sort Supporting small firms through recessions and recoveries
author Bonfim, Diana
author_facet Bonfim, Diana
Custódio, Cláudia
Raposo, Clara
author_role author
author2 Custódio, Cláudia
Raposo, Clara
author2_role author
author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Bonfim, Diana
Custódio, Cláudia
Raposo, Clara
dc.subject.por.fl_str_mv Small Firms’ Financing
Credit Rating
Credit Certification
Cost of Debt
Investment
topic Small Firms’ Financing
Credit Rating
Credit Certification
Cost of Debt
Investment
description We use variation in the access to a government credit certification program to estimate the financial and real effects of supporting small firms. This program has been implemented during the global financial crisis, but has remained active ever since, allowing us to analyze its effects both during recessions and recoveries. Eligible firms have access to government loan guarantees and a credit quality certification. We estimate real effects using a multidimensional regression discontinuity design. We find that eligible firms borrow more and at lower rates than non-eligible firms, allowing them to increase investment and employment during crises. Industry-level analysis shows reduced productivity heterogeneity in more exposed industries, which is consistent with improved credit allocation. However, when the economy is recovering the effects of the program are less pronounced and centered on the certification component..
publishDate 2022
dc.date.none.fl_str_mv 2022-10-25T14:55:17Z
2022
2022-01-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/25791
url http://hdl.handle.net/10400.5/25791
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Bonfim, Diana; Cláudia Custódio and Clara Raposo.(2022). “Supporting small firms through recessions and recoveries”. GEE Paper ; nº 170/ 22
1647-6212 (Online)
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv GEE Papers
publisher.none.fl_str_mv GEE Papers
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv mluisa.alvim@gmail.com
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