Credit reallocation |
| |
Authors: | Ana Maria Herrera Marek Kolar Raoul Minetti |
| |
Affiliation: | 1. Wayne State University, USA;2. Trine University, USA;3. Department of Economics, Michigan State University, 110 Marshall Adams Hall, East Lansing, MI 48824-1038, USA |
| |
Abstract: | A growing empirical literature finds that the allocation of credit across firms is as important as its total volume for economic performance. This paper investigates the process through which credit is reallocated across US businesses employing the methodology developed by Davis and Haltiwanger (1992) for the analysis of job reallocation. We find that credit reallocation is intense, highly volatile and moderately procyclical and that it primarily occurs across firms similar in size, industry or location. The results suggest that microeconomic heterogeneity can play a key role in the interaction between the credit market and the aggregate economy. |
| |
Keywords: | |
本文献已被 ScienceDirect 等数据库收录! |
|