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Credit Supply and Productivity Growth

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  • Francesco Manaresi
  • Mr. Nicola Pierri

Abstract

We study the impact of bank credit on firm productivity. We exploit a matched firm-bank database covering all the credit relationships of Italian corporations, together with a natural experiment, to measure idiosyncratic supply-side shocks to credit availability and to estimate a production model augmented with financial frictions. We find that a contraction in credit supply causes a reduction of firm TFP growth and also harms IT-adoption, innovation, exporting, and adoption of superior management practices, while a credit expansion has limited impact. Quantitatively, the credit contraction between 2007 and 2009 accounts for about a quarter of observed the decline in TFP.

Suggested Citation

  • Francesco Manaresi & Mr. Nicola Pierri, 2019. "Credit Supply and Productivity Growth," IMF Working Papers 2019/107, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2019/107
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    6. Hardy, Bryan & Sever, Can, 2021. "Financial crises and innovation," European Economic Review, Elsevier, vol. 138(C).
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