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Article Dans Une Revue Journal of International Money and Finance Année : 2024

The impact of financial tightening on firm productivity: Maturity matters

Résumé

We analyse how the combination of firm-level financial fragility and country-level financial constraints affect 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.
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Dates et versions

hal-04564467 , version 1 (30-04-2024)

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Christian Abele, Agnès Bénassy-Quéré, Lionel Fontagné. The impact of financial tightening on firm productivity: Maturity matters. Journal of International Money and Finance, inPress, ⟨10.1016/j.jimonfin.2024.103092⟩. ⟨hal-04564467⟩
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