One Size Does Not Fit All: TFP in the Aftermath of Financial Crises in Three European Countries

Christian Abele, Agnès Benassy-Quere and Lionel Fontagné
Additional contact information
Christian Abele: PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

PSE Working Papers from HAL

Abstract: We analyse the impact of both the Global Financial Crisis of 2008 and the European sovereign and banking crisis of 2011-13 on firm-level productivity in France, Italy and Spain. We show that relying on a single break date in 2008 misses both the Eurozone crisis and countries' institutional specificities. Although leverage and financial constraints affect firm-level productivity negatively, high-leverage firms suffer more from financial constraints only in Italy, when they are relatively small or when their debt is of short maturity. These results call for approaches taking into consideration country-level characteristics of financial institutions and time varying financing constraints of the firms, instead of pooling data and adopting a common break date. One size does not fit all when it comes to identifying the impact of financial crises on firm level productivity.

Keywords: total factor productivity; firm-level data; financial constraints; crises (search for similar items in EconPapers)
Date: 2020-12
New Economics Papers: this item is included in nep-bec, nep-eff, nep-fdg and nep-sbm
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-02883685v2
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://shs.hal.science/halshs-02883685v2/document (application/pdf)

Related works:
Working Paper: One Size Does Not Fit All: TFP in the Aftermath of Financial Crises in Three European Countries (2021)
Working Paper: One Size Does Not Fit All: TFP in the Aftermath of Financial Crises in Three European Countries (2020)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:psewpa:halshs-02883685

Access Statistics for this paper

More papers in PSE Working Papers from HAL
Bibliographic data for series maintained by CCSD ().