The impact of financial tightening on firm productivity: Maturity matters

Christian Abele, Agnès Bénassy-Quéré and Lionel Fontagné
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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, PJSE - Paris Jourdan Sciences Economiques - 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
Agnès Bénassy-Quéré: Banque de France - Banque de France - Banque de France, 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, PJSE - Paris Jourdan Sciences Economiques - 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

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Abstract: We analyse how the combination of firm-level financial fragility and country-level financial constraints affects productivity growth in France, Italy and Spain. We first show that, although high leverage weighs on firm-level productivity in all three countries, more leveraged firms seem to suffer more from financial constraints only in Italy. In a second step, we show that this apparent specificity of Italian firms is related to the relatively short maturity of their debt. These results highlight the importance of liquidity constraints during periods of financial stress such as the Global Financial Crisis of 2008 or the European sovereign debt and banking crisis of 2011-13.

Keywords: Total factor productivity; Firm-level data; Financial constraints; Crises (search for similar items in EconPapers)
Date: 2024-06
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Published in Journal of International Money and Finance, 2024, 144, ⟨10.1016/j.jimonfin.2024.103092⟩

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Journal Article: The impact of financial tightening on firm productivity: Maturity matters (2024)
Working Paper: The impact of financial tightening on firm productivity: Maturity matters (2024)
Working Paper: The impact of financial tightening on firm productivity: Maturity matters (2024)
Working Paper: The impact of financial tightening on firm productivity: Maturity matters (2024)
Working Paper: The impact of financial tightening on firm productivity: Maturity matters (2024)
Working Paper: The impact of financial tightening on firm productivity: Maturity matters (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-04804512

DOI: 10.1016/j.jimonfin.2024.103092

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