Production and Financial Networks in Interplay: Crisis Evidence from Supplier-Customer and Credit Registers
Production and Financial Networks in Interplay: Crisis Evidence from Supplier-Customer and Credit Registers
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相互作用中的生产和金融网络：来自供应商-客户和信用登记册的危机证据
DOI：
10.2139/ssrn.4657236
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发表时间：
2020
期刊：
影响因子：
--
通讯作者：
F. Vega
中科院分区：
文献类型：
--
作者：
J. Peydró;Gabriel Jiménez;Kenan Huremović;Enrique Moral;F. Vega
我们发现，银行冲击起源于金融部门传播的上游和下游沿着生产网络和三倍的直接银行冲击的影响。我们的识别依赖于西班牙的商家-客户交易和银行贷款，这是2008-09年全球危机期间信贷供应冲击的标准操作，以及拟议的理论框架。对真实的效应的影响很大，在考虑以下因素时也是如此：（i）银行对企业的直接冲击与一阶企业间传染;（ii）一阶网络效应与高阶网络效应;（iii）下游传播与上游传播;（iv）企业特有冲击与整个经济的冲击。市场集中度放大了这些效应。
We show that bank shocks originating in the financial sector propagate upstream and downstream along the production network and triple the impact of direct bank shocks. Our identification relies on the universe of both supplier-customer transactions and bank loans in Spain, a standard operationalization of credit-supply shocks during the 2008-09 global crisis, and the proposed theoretical framework. The impact on real effects is strong, and similarly so, when considering: (i) direct bank shocks to firms versus first-order interfirm contagion; (ii) first-order versus higher-order network effects; (iii) downstream versus upstream propagation; (iv) firm-specific versus economy-wide shocks. Market concentration amplifies these effects.