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

Christian Abele, Agnès Benassy-Quere (), Lionel Fontagné and Lionel Gérard Fontagné
Authors registered in the RePEc Author Service: Lionel Fontagné ()

No 8891, CESifo Working Paper Series from CESifo

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)
JEL-codes: D24 E22 E23 E44 (search for similar items in EconPapers)
Date: 2021
New Economics Papers: this item is included in nep-bec, nep-cwa, nep-eec, nep-eff, nep-fdg, nep-mac and nep-sbm
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Working Paper: One Size Does Not Fit All: TFP in the Aftermath of Financial Crises in Three European Countries (2020) Downloads
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