Credit reallocation
A growing empirical literature finds that the allocation of credit across firms is as important as its total volume for economic performance. This paper investigates the process through which credit is reallocated across US businesses employing the methodology developed by Davis and Haltiwanger (199...
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| Veröffentlicht in: | Journal of monetary economics 2011-09, Vol.58 (6), p.551-563 |
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| container_title | Journal of monetary economics |
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| creator | Herrera, Ana Maria Kolar, Marek Minetti, Raoul |
| description | A growing empirical literature finds that the allocation of credit across firms is as important as its total volume for economic performance. This paper investigates the process through which credit is reallocated across US businesses employing the methodology developed by
Davis and Haltiwanger (1992) for the analysis of job reallocation. We find that credit reallocation is intense, highly volatile and moderately procyclical and that it primarily occurs across firms similar in size, industry or location. The results suggest that microeconomic heterogeneity can play a key role in the interaction between the credit market and the aggregate economy.
► How is credit reallocated across US businesses? ► Credit reallocation is intense, highly volatile and procyclical. ► Significant microeconomic heterogeneity in the credit market. |
| doi_str_mv | 10.1016/j.jmoneco.2011.11.008 |
| format | Article |
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Davis and Haltiwanger (1992) for the analysis of job reallocation. We find that credit reallocation is intense, highly volatile and moderately procyclical and that it primarily occurs across firms similar in size, industry or location. The results suggest that microeconomic heterogeneity can play a key role in the interaction between the credit market and the aggregate economy.
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Davis and Haltiwanger (1992) for the analysis of job reallocation. We find that credit reallocation is intense, highly volatile and moderately procyclical and that it primarily occurs across firms similar in size, industry or location. The results suggest that microeconomic heterogeneity can play a key role in the interaction between the credit market and the aggregate economy.
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Davis and Haltiwanger (1992) for the analysis of job reallocation. We find that credit reallocation is intense, highly volatile and moderately procyclical and that it primarily occurs across firms similar in size, industry or location. The results suggest that microeconomic heterogeneity can play a key role in the interaction between the credit market and the aggregate economy.
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| identifier | ISSN: 0304-3932 |
| ispartof | Journal of monetary economics, 2011-09, Vol.58 (6), p.551-563 |
| issn | 0304-3932 1873-1295 |
| language | eng |
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| source | Elsevier ScienceDirect Journals Complete |
| subjects | Access to credit Allocations Business cycles Commercial credit Credit market Economic models Economic performance Location of enterprises Size of enterprise Studies U.S.A Volatility |
| title | Credit reallocation |
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