From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels

Stijn Claessens (), Hui Tong and Shang-Jin Wei

No 17360, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Using accounting data for 7722 non-financial firms in 42 countries, we examine how the 2007-2009 crisis affected firm performance and how various linkages propagated shocks across borders. We isolate and compare effects from changes in external financing conditions, domestic demand, and international trade on firms' profits, sales and investment using both sectoral benchmarks and firm-specific sensitivities estimated prior to the crisis. We find that the crisis had a bigger negative impact on firms with greater sensitivity to demand and trade, particularly in countries more open to trade. Interestingly, financial openness appears to have made limited difference.

JEL-codes: F3 (search for similar items in EconPapers)
Date: 2011-08
New Economics Papers: this item is included in nep-ifn and nep-opm
Note: IFM
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (23)

Published as Claessens, Stijn & Tong, Hui & Wei, Shang-Jin, 2012. "From the financial crisis to the real economy: Using firm-level data to identify transmission channels," Journal of International Economics, Elsevier, vol. 88(2), pages 375-387.
Published as From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels , Stijn Claessens, Hui Tong, Shang-Jin Wei. in Global Financial Crisis , Engel, Forbes, and Frankel. 2012

Downloads: (external link)
http://www.nber.org/papers/w17360.pdf (application/pdf)

Related works:
Journal Article: From the financial crisis to the real economy: Using firm-level data to identify transmission channels (2012)
Chapter: From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels (2011)
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:nbr:nberwo:17360

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w17360

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().