Credit Market Disruptions and Liquidity Spillover Effects in the Supply Chain
Credit Market Disruptions and Liquidity Spillover Effects in the Supply Chain
复制标题
信贷市场扰乱和供应链中的流动性溢出效应
DOI：
10.1086/708736
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发表时间：
2019
影响因子：
8.2
通讯作者：
A. Costello
中科院分区：
文献类型：
--
作者：
A. Costello
银行业受到的冲击是如何通过企业经济传导的？使用一组新的公司间销售数据，我表明，受到银行融资大幅外生下降影响的供应商会将这种流动性冲击传递给他们的下游客户。溢出效应通过两个渠道发生：提供的贸易信贷减少和商品和服务的总供应量减少。在受到溢出影响后，下游客户表现出信用风险飙升和就业减少。总体而言，这篇论文强调了金融溢出在解释企业部门结果方面的重要性。
How do shocks to the banking sector travel through the corporate economy? Using a novel data set of interfirm sales, I show that suppliers exposed to a large and exogenous decline in bank financing pass this liquidity shock to their downstream customers. The spillover effect occurs through two channels: a reduction in trade credit offered and a reduction in the total supply of goods and services. After exposure to the spillover, downstream customers show a spike in credit risk and a reduction in employment. Overall, the paper highlights the importance of financial spillovers in explaining corporate sector outcomes.
影响因子：
2.2
作者：
WILLIAMSON, OE
通讯作者：
WILLIAMSON, OE