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Production and Financial Networks in Interplay: Crisis Evidence from Supplier-Customer and Credit Registers

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dc.affiliation.dptoUC3M. Departamento de Economía
dc.contributor.authorHuremovic, Kenan
dc.contributor.authorJiménez, Gabriel
dc.contributor.authorMoral Benito, Enrique
dc.contributor.authorPeydró, José-Luis
dc.contributor.authorVega-Redondo, Fernando
dc.contributor.editorUniversidad Carlos III. Departamento de Economía
dc.contributor.funderComunidad de Madrid
dc.contributor.funderMinisterio de Economía y Competitividad (España)
dc.date.accessioned2024-06-07T10:28:24Z
dc.date.available2024-06-07T10:28:24Z
dc.date.issued2024-06-06
dc.description.abstractWe show that bank credit shocks to firms propagate upstream and downstream along the production network, with stronger effects for upstream than downstream propagation. Our identification strategy relies on: (i) administrative datasets from Spain on supplier-customer transactions and bank loans; (ii) a standard operationalization of bank credit-supply shocks during the Global Financial Crisis; and (iii) a general equilibrium model of an interfirm production network economy with financial frictions that is structurally estimated. Our results indicate that the network propagation leads to a 50% increase in the aggregate effects of bank credit supply shocks on GDP growth, with equally important first-order versus higher-order network effects.en
dc.description.sponsorshipK. Huremovi´c acknowledges financials upport from ANR (project A NR-18-CE26-0020). J-L. Peydró acknowledges financial support from the PGC2018-102133-B-I00 (MCIU/AEI/FEDER, UE) grant and the Spanish Ministry of Economy and Competitiveness, through the Severo Ochoa Programme for Centres of Excellence in R&D (SEV-2015-0563). The opinions in this paper are those of the authors and do not necessarily reflect the views of the Banco de España or the Eurosystem or any other organization. F. Vega-Redondo acknowledges financial support by grant CEX2021-001181-M financed by MICIU/AEI /10.13039/501100011033, María Zambrano Program 2021, and Comunidad de Madrid, grant EPUC3M11 (V PRICIT).en
dc.format.extent63
dc.identifier.issn2340-5031
dc.identifier.urihttps://hdl.handle.net/10016/43952
dc.identifier.uxxiDT/0000002145
dc.language.isoeng
dc.relation.ispartofseriesWorking paper. Economicsen
dc.relation.ispartofseries24-10
dc.relation.projectIDComunidad de Madrid. EPUC3M11
dc.relation.projectIDGobierno de España. CEX2021-001181-M
dc.rightsAtribución-NoComercial-SinDerivadas 3.0 España
dc.rights.accessRightsopen access
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.subject.ecienciaEconomía
dc.subject.otherSupply Chainsen
dc.subject.otherShock Propagationen
dc.subject.otherCredit Supplyen
dc.subject.otherReal Effects Of Finance.en
dc.titleProduction and Financial Networks in Interplay: Crisis Evidence from Supplier-Customer and Credit Registersen
dc.typeworking paperen
dc.type.hasVersionVoR
dspace.entity.typePublication
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