Production and financial networks in interplay: Crisis evidence from supplier-customer and credit registers
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- dc.contributor.author Huremovic, Kenan
- dc.contributor.author Gabriel, Jiménez
- dc.contributor.author Moral-Benito, Enrique
- dc.contributor.author Peydró, José-Luis
- dc.contributor.author Vega-Redondo, Fernando
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:09:47Z
- dc.date.available 2024-11-14T10:09:47Z
- dc.date.issued 2020-07-09
- dc.date.modified 2024-11-14T10:06:45Z
- dc.description.abstract 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.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1730
- dc.identifier.citation
- dc.identifier.uri http://hdl.handle.net/10230/68607
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1730
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword networks; supply chains; shock propagation; credit supply; real effects of finance
- dc.subject.keyword Finance and Accounting
- dc.title Production and financial networks in interplay: Crisis evidence from supplier-customer and credit registers
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper