Arbeitspapier
Production and financial networks in interplay: Crisis evidence from supplier-customer and credit registers
We show that bank shocks originating in the fi nancial sector propagate upstream and downstream along the production network and triple the impact of direct bank shocks. Our identi fication relies on the universe of both supplier-customer transactions and bank loans in Spain, a standard operationalization of credit-supply shocks during the 2008-09 global crisis, and the proposed theoretical framework. The impact on real effects is strong, and similarly so, when considering: (i) direct bank shocks to firms versus fi rst-order inter firm contagion; (ii) first-order versus higher-order network effects; (iii) downstream versus upstream propagation; (iv) firm-speci fic versus economy-wide shocks. Market concentration ampli fies these effects.
- Language
-
Englisch
- Classification
-
Wirtschaft
Network Formation and Analysis: Theory
Financial Markets and the Macroeconomy
Money Supply; Credit; Money Multipliers
Financial Crises
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
- Subject
-
networks
supply chains
shock propagation
credit supply
real effects of finance
- Event
-
Geistige Schöpfung
- (who)
-
Huremovic, Kenan
Jiménez, Gabriel
Moral-Benito, Enrique
Vega-Redondo, Fernando
Peydró, José-Luis
- Event
-
Veröffentlichung
- (who)
-
ZBW – Leibniz Information Centre for Economics
- (where)
-
Kiel, Hamburg
- (when)
-
2020
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Huremovic, Kenan
- Jiménez, Gabriel
- Moral-Benito, Enrique
- Vega-Redondo, Fernando
- Peydró, José-Luis
- ZBW – Leibniz Information Centre for Economics
Time of origin
- 2020
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The credit rating crisis
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