Financing constraints and unemployment: Evidence from the Great Recession
Author
Abstract
Suggested Citation
DOI: 10.1016/j.jmoneco.2014.12.011
Download full text from publisher
As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.
Other versions of this item:
- Burcu Duygan-Bump & Alexey Levkov & Judit Montoriol-Garriga, 2010. "Financing constraints and unemployment: evidence from the Great Recession," Supervisory Research and Analysis Working Papers QAU10-6, Federal Reserve Bank of Boston, revised 2010.
- Burcu Duygan-Bump & Alexey Leykov & Judit Montoriol-Garriga, 2014. "Financing Constraints and Unemployment: Evidence from the Great Recession," Finance and Economics Discussion Series 2014-92, Board of Governors of the Federal Reserve System (U.S.), revised 22 Oct 2014.
References listed on IDEAS
- Giuseppe Moscarini & Fabien Postel-Vinay, 2009.
"Large Employers Are More Cyclically Sensitive,"
NBER Working Papers
14740, National Bureau of Economic Research, Inc.
- Moscarini, Giuseppe & Postel-Vinay, Fabien, 2009. "Large Employers Are More Cyclically Sensitive," IZA Discussion Papers 4014, Institute of Labor Economics (IZA).
- Giuseppe Moscarini & Fabien Postel-Vinay, 2009. "Large Employers Are More Cyclically Sensitive," Bristol Economics Discussion Papers 09/609, School of Economics, University of Bristol, UK.
- Moscarini, Giuseppe & Postel-Vinay, Fabien, 2009. "Large Employers Are More Cyclically Sensitive," CEPR Discussion Papers 7173, C.E.P.R. Discussion Papers.
- Berger, Allen N. & Klapper, Leora F. & Udell, Gregory F., 2001.
"The ability of banks to lend to informationally opaque small businesses,"
Journal of Banking & Finance, Elsevier, vol. 25(12), pages 2127-2167, December.
- Allen N. Berger & Leora Klapper & Gregory F. Udell, 2001. "The ability of banks to lend to informationally opaque small businesses," Finance and Economics Discussion Series 2001-34, Board of Governors of the Federal Reserve System (U.S.).
- Berger, Allen N. & Klapper, Leora F. & Udell, Gregory F., 2001. "The ability of banks to lend to informationally opaque small businesses," Policy Research Working Paper Series 2656, The World Bank.
- Allen N. Berger & Leora Klapper & Gregory F. Udell, 2001. "The ability of banks to lend to informationally opaque small businesses," Proceedings 709, Federal Reserve Bank of Chicago.
- Efraim Benmelech & Nittai K. Bergman & Amit Seru, 2011. "Financing Labor," NBER Working Papers 17144, National Bureau of Economic Research, Inc.
- Mark Gertler & Simon Gilchrist, 1994.
"Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms,"
The Quarterly Journal of Economics, Oxford University Press, vol. 109(2), pages 309-340.
- Mark Gertler & Simon Gilchrist, 1991. "Monetary Policy, Business Cycles and the Behavior of Small Manufacturing Firms," NBER Working Papers 3892, National Bureau of Economic Research, Inc.
- Gertler, M. & Gilchrist, S., 1992. "Monetary Policy, Business Cycles and the Behavior of Small Manufacturing Firms," Working Papers 92-08, C.V. Starr Center for Applied Economics, New York University.
- Gertler, M. & Gilchrist, S., 1993. "Monetary Policy, Business Cycles and the Behavior of Small Manufacturing Firms," Working Papers 93-02, C.V. Starr Center for Applied Economics, New York University.
- Mark Gertler & Simon Gilchrist, 1993. "Monetary policy, business cycles and the behavior of small manufacturing firms," Finance and Economics Discussion Series 93-4, Board of Governors of the Federal Reserve System (U.S.).
- Erik Hurst & Benjamin Wild Pugsley, 2011.
"What Do Small Businesses Do?,"
Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 42(2 (Fall)), pages 73-142.
- Erik Hurst & Benjamin Wild Pugsley, 2011. "What Do Small Businesses Do?," NBER Working Papers 17041, National Bureau of Economic Research, Inc.
- Robert G. King & Ross Levine, 1993.
"Finance and Growth: Schumpeter Might Be Right,"
The Quarterly Journal of Economics, Oxford University Press, vol. 108(3), pages 717-737.
- King, Robert G.*Levine, Ross, 1993. "Finance and growth : Schumpeter might be right," Policy Research Working Paper Series 1083, The World Bank.
- Bengt Holmstrom & Jean Tirole, 1997.
"Financial Intermediation, Loanable Funds, and The Real Sector,"
The Quarterly Journal of Economics, Oxford University Press, vol. 112(3), pages 663-691.
- Bengt Holmstrom & Jean Tirole, 1994. "Financial Intermediation, Loanable Funds and the Real Sector," Working papers 95-1, Massachusetts Institute of Technology (MIT), Department of Economics.
- Holmström, Bengt & Tirole, Jean, 1994. "Financial Intermediation, Loanable Funds and the Real Sector," IDEI Working Papers 40, Institut d'Économie Industrielle (IDEI), Toulouse.
- Dell'Ariccia, Giovanni & Detragiache, Enrica & Rajan, Raghuram, 2008.
"The real effect of banking crises,"
Journal of Financial Intermediation, Elsevier, vol. 17(1), pages 89-112, January.
- Giovanni Dell'Ariccia & Raghuram Rajan & Enrica Detragiache, 2005. "The Real Effect of Banking Crises," IMF Working Papers 2005/063, International Monetary Fund.
- DellAriccia, Giovanni & Detragiache, Enrica & Rajan, Raghuram G, 2005. "The Real Effect of Banking Crises," CEPR Discussion Papers 5088, C.E.P.R. Discussion Papers.
- Nicola Cetorelli & Philip E. Strahan, 2006.
"Finance as a Barrier to Entry: Bank Competition and Industry Structure in Local U.S. Markets,"
Journal of Finance, American Finance Association, vol. 61(1), pages 437-461, February.
- Nicola Cetorelli & Philip E. Strahan, 2004. "Finance as a Barrier to Entry: Bank Competition and Industry Structure in Local U.S. Markets," NBER Working Papers 10832, National Bureau of Economic Research, Inc.
- Nicola Cetorelli & Philip E. Strahan, 2004. "Finance as a barrier to entry: bank competition and industry structure in local U.S. markets," Working Paper Series WP-04-04, Federal Reserve Bank of Chicago, revised 2004.
- Anne E. Polivka, 1996. "Data Watch: The Redesigned Current Population Survey," Journal of Economic Perspectives, American Economic Association, vol. 10(3), pages 169-180, Summer.
- Joe Peek & Eric S. Rosengren, 1994. "Bank Real Estate Lending and the New England Capital Crunch," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 22(1), pages 33-58, March.
- Nickell, Stephen & Nicolitsas, Daphne, 1999.
"How does financial pressure affect firms?,"
European Economic Review, Elsevier, vol. 43(8), pages 1435-1456, August.
- Nickell, S. & Nicolitsas, D., 1995. "How Does Financial Pressure Affect Firms," Economics Series Working Papers 99170, University of Oxford, Department of Economics.
- Nickell, Stephen & Nicolitsas, Daphne, 1995. "How does financial pressure affect firms?," LSE Research Online Documents on Economics 20698, London School of Economics and Political Science, LSE Library.
- Stephen Nickell & D Nicolitsas, 1995. "How Does Financial Pressure Affect Firms?," CEP Discussion Papers dp0266, Centre for Economic Performance, LSE.
- Kroszner, Randall S. & Laeven, Luc & Klingebiel, Daniela, 2007.
"Banking crises, financial dependence, and growth,"
Journal of Financial Economics, Elsevier, vol. 84(1), pages 187-228, April.
- Klingebiel, Daniela & Kroszner, Randall S & Laeven, Luc, 2006. "Banking Crises, Financial Dependence and Growth," CEPR Discussion Papers 5623, C.E.P.R. Discussion Papers.
- Rajan, Raghuram G & Zingales, Luigi, 1998.
"Financial Dependence and Growth,"
American Economic Review, American Economic Association, vol. 88(3), pages 559-586, June.
- Raghuram G. Rajan & Luigi Zingales, "undated". "Financial Dependence and Growth," CRSP working papers 344, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
- Raghuram G. Rajan & Luigi Zingales, 1996. "Financial Dependence and Growth," NBER Working Papers 5758, National Bureau of Economic Research, Inc.
- Anil K Kashyap & Owen A. Lamont & Jeremy C. Stein, 1994.
"Credit Conditions and the Cyclical Behavior of Inventories,"
The Quarterly Journal of Economics, Oxford University Press, vol. 109(3), pages 565-592.
- Anil K. Kashyap & Owen A. Lamont & Jeremy C. Stein, 1993. "Credit conditions and the cyclical behavior of inventories," Working Paper Series, Macroeconomic Issues 93-7, Federal Reserve Bank of Chicago.
- Bassett, William F. & Chosak, Mary Beth & Driscoll, John C. & Zakrajšek, Egon, 2014.
"Changes in bank lending standards and the macroeconomy,"
Journal of Monetary Economics, Elsevier, vol. 62(C), pages 23-40.
- William F. Bassett & Mary Beth Chosak & John C. Driscoll & Egon Zakrajsek, 2012. "Changes in bank lending standards and the macroeconomy," Finance and Economics Discussion Series 2012-24, Board of Governors of the Federal Reserve System (U.S.), revised 2012.
- Takeo Hoshi & Anil Kashyap & David Scharfstein, 1991.
"Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups,"
The Quarterly Journal of Economics, Oxford University Press, vol. 106(1), pages 33-60.
- Takeo Hoshi & Anil K. Kashyap & David Scharfstein, 1989. "Corporate structure, liquidity, and investment: evidence from Japanese industrial groups," Finance and Economics Discussion Series 82, Board of Governors of the Federal Reserve System (U.S.).
- Mark Gertler & R. Glenn Hubbard, 1988.
"Financial factors in business fluctuations,"
Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 33-78.
- Gertler, M.L. & Hubbard, R.G., 1988. "Financial Factors In Business Fluctuations," Papers fb-_88-37, Columbia - Graduate School of Business.
- Mark L. Gertler & R. Glenn Hubbard, 1988. "Financial Factors in Business Fluctuations," NBER Working Papers 2758, National Bureau of Economic Research, Inc.
- Steven M. Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1988.
"Financing Constraints and Corporate Investment,"
Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1), pages 141-206.
- Steven Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1987. "Financing Constraints and Corporate Investment," NBER Working Papers 2387, National Bureau of Economic Research, Inc.
- Gabriel Chodorow-Reich, 2014. "The Employment Effects of Credit Market Disruptions: Firm-level Evidence from the 2008-9 Financial Crisis," The Quarterly Journal of Economics, Oxford University Press, vol. 129(1), pages 1-59.
- John C. Haltiwanger & Ron S. Jarmin & Javier Miranda, 2010.
"Who Creates Jobs? Small vs. Large vs. Young,"
NBER Working Papers
16300, National Bureau of Economic Research, Inc.
- John Haltiwanger & Ron S. Jarmin & Javier Miranda, 2010. "Who Creates Jobs? Small vs. Large vs. Young," Working Papers 10-17, Center for Economic Studies, U.S. Census Bureau.
- Bernanke, Ben & Gertler, Mark, 1989.
"Agency Costs, Net Worth, and Business Fluctuations,"
American Economic Review, American Economic Association, vol. 79(1), pages 14-31, March.
- Bernanke, Ben & Gertler, Mark, 1988. "Agency Costs, Net Worth, And Business Fluctuations," SSRI Workshop Series 292693, University of Wisconsin-Madison, Social Systems Research Institute.
- David Neumark & Brandon Wall & Junfu Zhang, 2011.
"Do Small Businesses Create More Jobs? New Evidence for the United States from the National Establishment Time Series,"
The Review of Economics and Statistics, MIT Press, vol. 93(1), pages 16-29, August.
- Neumark, David & Wall, Brandon & Zhang, Junfu, 2008. "Do Small Businesses Create More Jobs? New Evidence for the United States from the National Establishment Time Series," IZA Discussion Papers 3888, Institute of Labor Economics (IZA).
- Bernanke, Ben S, 1983.
"Nonmonetary Effects of the Financial Crisis in Propagation of the Great Depression,"
American Economic Review, American Economic Association, vol. 73(3), pages 257-276, June.
- Ben S. Bernanke, 1983. "Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression," NBER Working Papers 1054, National Bureau of Economic Research, Inc.
- Marianne Bertrand & Esther Duflo & Sendhil Mullainathan, 2004.
"How Much Should We Trust Differences-In-Differences Estimates?,"
The Quarterly Journal of Economics, Oxford University Press, vol. 119(1), pages 249-275.
- Marianne Bertrand & Esther Duflo & Sendhil Mullainathan, 2002. "How Much Should We Trust Differences-in-Differences Estimates?," NBER Working Papers 8841, National Bureau of Economic Research, Inc.
- Michael W. L. Elsby & Bart Hobijn & Aysegul Sahin, 2010.
"The Labor Market in the Great Recession,"
Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 41(1 (Spring), pages 1-69.
- Bart Hobijn & Aysegul Sahin & Michael Elsby, 2010. "The Labor Market in the Great Recession," 2010 Meeting Papers 323, Society for Economic Dynamics.
- Aysegül Sahin & Michael Elsby & Bart Hobijn, 2010. "The labor market in the Great Recession," Working Paper Series 2010-07, Federal Reserve Bank of San Francisco.
- Michael W. Elsby & Bart Hobijn & Aysegul Sahin, 2010. "The Labor Market in the Great Recession," NBER Working Papers 15979, National Bureau of Economic Research, Inc.
- Moulton, Brent R., 1986. "Random group effects and the precision of regression estimates," Journal of Econometrics, Elsevier, vol. 32(3), pages 385-397, August.
- Campello, Murillo & Graham, John R. & Harvey, Campbell R., 2010.
"The real effects of financial constraints: Evidence from a financial crisis,"
Journal of Financial Economics, Elsevier, vol. 97(3), pages 470-487, September.
- Murillo Campello & John Graham & Campbell R. Harvey, 2009. "The Real Effects of Financial Constraints: Evidence from a Financial Crisis," NBER Working Papers 15552, National Bureau of Economic Research, Inc.
- Duchin, Ran & Ozbas, Oguzhan & Sensoy, Berk A., 2010. "Costly external finance, corporate investment, and the subprime mortgage credit crisis," Journal of Financial Economics, Elsevier, vol. 97(3), pages 418-435, September.
- Erdem Basci & Yusuf Soner Baskaya & Mustafa Kilinc, 2011. "Financial Shocks and Industrial Employment," Working Papers 1112, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
- Rebel A. Cole & John D. Wolken & R. Louise Woodburn, 1996. "Bank and nonbank competition for small business credit: evidence from the 1987 and 1993 national surveys of small business finances," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), vol. 82(Nov), pages 983-995, November.
- Haifang Huang & Eric Stephens, 2015.
"From housing bust to credit crunch: Evidence from small business loans,"
Canadian Journal of Economics, Canadian Economics Association, vol. 48(3), pages 853-880, August.
- Haifang Huang & Eric Stephens, 2015. "From housing bust to credit crunch: Evidence from small business loans," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 48(3), pages 853-880, August.
- Huang, Haifang & Stephens, Eric, 2011. "From Housing Bust to Credit Crunch: Evidence from Small Business Loans," Working Papers 2011-15, University of Alberta, Department of Economics, revised 01 Jan 2015.
- Whited, Toni M, 1992.
"Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data,"
Journal of Finance, American Finance Association, vol. 47(4), pages 1425-1460, September.
- Toni M. Whited, 1990. "Debt, liquidity constraints, and corporate investment: evidence from panel data," Finance and Economics Discussion Series 114, Board of Governors of the Federal Reserve System (U.S.), revised 1990.
- Sharpe, Steven A, 1994.
"Financial Market Imperfections, Firm Leverage, and the Cyclicality of Employment,"
American Economic Review, American Economic Association, vol. 84(4), pages 1060-1074, September.
- Steven A. Sharpe, 1993. "Financial market imperfections, firm leverage and the cyclicality of employment," Finance and Economics Discussion Series 93-10, Board of Governors of the Federal Reserve System (U.S.), revised 1993.
- Eric S. Rosengren & Joe Peek, 2000. "Collateral Damage: Effects of the Japanese Bank Crisis on Real Activity in the United States," American Economic Review, American Economic Association, vol. 90(1), pages 30-45, March.
- King, Robert G. & Levine, Ross, 1993. "Finance, entrepreneurship and growth: Theory and evidence," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 513-542, December.
- Matías Braun & Borja Larrain, 2005.
"Finance and the Business Cycle: International, Inter‐Industry Evidence,"
Journal of Finance, American Finance Association, vol. 60(3), pages 1097-1128, June.
- Matias Braun & Borja Larrain, 2004. "Finance and the Business Cycle: International, Inter-industry Evidence," Finance 0403001, University Library of Munich, Germany.
- Ivashina, Victoria & Scharfstein, David, 2010. "Bank lending during the financial crisis of 2008," Journal of Financial Economics, Elsevier, vol. 97(3), pages 319-338, September.
- Petersen, Mitchell A & Rajan, Raghuram G, 1994. "The Benefits of Lending Relationships: Evidence from Small Business Data," Journal of Finance, American Finance Association, vol. 49(1), pages 3-37, March.
- Almeida, Heitor & Campello, Murillo & Laranjeira, Bruno & Weisbenner, Scott, 2012. "Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis," Critical Finance Review, now publishers, vol. 1(1), pages 3-58, January.
More about this item
Keywords
Great Recession; Firm size; Financial dependence; Unemployment;JEL classification:
- G20 - Financial Economics - - Financial Institutions and Services - - - General
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:moneco:v:75:y:2015:i:c:p:89-105. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Haili He). General contact details of provider: http://www.elsevier.com/locate/inca/505566 .
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.