Format du dépôt |
Fichier |
Type de dépôt |
Article dans une revue |
Titre |
en
Coase Lecture - The Inverted-U Relationship Between Credit Access and Productivity Growth
|
Résumé |
en
We identify two counteracting effects of credit access on productivity growth: on the one hand, better access to credit makes it easier for entrepreneurs to innovate; on the other hand, better credit access allows less efficient incumbent firms to remain longer on the market, thereby discouraging entry of new and potentially more efficient innovators. We first develop a simple model of firm dynamics and innovation‐based growth with credit constraints, where the above two counteracting effects generate an inverted‐U relationship between credit access and productivity growth. Then we test our theory on a comprehensive French manufacturing firm‐level dataset. We first show evidence of an inverted‐U relationship between credit constraints and productivity growth when we aggregate our data at the sectoral level. We then move to firm‐level analysis, and show that incumbent firms with easier access to credit experience higher productivity growth, but that they also experience lower exit rates, particularly the least productive firms among them. To support these findings, we exploit the 2012 Eurosystem's Additional Credit Claims programme as a quasi‐experiment that generated an exogenous extra supply of credits for a subset of incumbent firms.
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Auteur(s)
|
Philippe Aghion
1, 2, 3, 4
, Antonin Bergeaud
3, 4
, Gilbert Cette
5, 6
, Rémy Lecat
5
, Hélène Maghin
5
1
Harvard University
( 38302 )
- Massachusetts Hall, Cambridge, MA 02138
- États-Unis
2
Collège de France - Chaire Economie des institutions, de l'innovation et de la croissance
( 1043633 )
- 11 place Marcelin Berthelot F-75231 Paris Cedex 05
- France
-
Collège de France ( 300026 )
3
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
-
Université Paris 1 Panthéon-Sorbonne ( 7550 )
;
-
École normale supérieure - Paris ( 59704 )
;
-
Université Paris Sciences et Lettres ( 564132 )
;
-
École des hautes études en sciences sociales ( 99539 )
;
-
École des Ponts ParisTech ( 301545 )
;
-
Centre National de la Recherche Scientifique ( 441569 )
;
-
Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement ( 577435 )
4
PJSE -
Paris Jourdan Sciences Economiques
( 1171428 )
- 48 boulevard Jourdan 75014 Paris
- France
-
Université Paris 1 Panthéon-Sorbonne UMR8545 ( 7550 )
;
-
École normale supérieure - Paris ( 59704 )
;
-
Université Paris Sciences et Lettres ( 564132 )
;
-
Institut National de la Recherche Agronomique UMR1393 ( 92114 )
;
-
École des hautes études en sciences sociales ( 99539 )
;
-
École des Ponts ParisTech ( 301545 )
;
-
Centre National de la Recherche Scientifique ( 441569 )
5
Centre de recherche de la Banque de France
( 171776 )
- 31 rue Croix des petits champs 75001 PARIS - France
- France
-
Banque de France ( 307910 )
6
AMSE -
Aix-Marseille Sciences Economiques
( 526949 )
- 5-9 Boulevard Bourdet
CS 50498
13205 Marseille Cedex 1
- France
-
École des hautes études en sciences sociales UMR7316 ( 99539 )
;
-
Aix Marseille Université UMR7316 ( 198056 )
;
-
École Centrale de Marseille UMR7316 ( 300415 )
;
-
Centre National de la Recherche Scientifique UMR7316 ( 441569 )
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Public visé |
Scientifique
|
Classification |
ACL-2
|
Langue du document |
Anglais
|
Nom de la revue |
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Audience |
Internationale
|
Date de publication |
2019-01
|
Volume |
86
|
Numéro |
341
|
Page/Identifiant |
1-31
|
URL éditeur |
https://onlinelibrary.wiley.com/doi/full/10.1111/ecca.12297
|
Domaine(s) |
-
Sciences de l'Homme et Société/Economies et finances
-
Économie et finance quantitative [q-fin]
|
Mots-clés (JEL) |
-
G - Financial Economics/G.G2 - Financial Institutions and Services/G.G2.G21 - Banks • Depository Institutions • Micro Finance Institutions • Mortgages
-
G - Financial Economics/G.G3 - Corporate Finance and Governance/G.G3.G32 - Financing Policy • Financial Risk and Risk Management • Capital and Ownership Structure • Value of Firms • Goodwill
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O - Economic Development, Innovation, Technological Change, and Growth/O.O4 - Economic Growth and Aggregate Productivity/O.O4.O40 - General
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O - Economic Development, Innovation, Technological Change, and Growth/O.O4 - Economic Growth and Aggregate Productivity/O.O4.O47 - Empirical Studies of Economic Growth • Aggregate Productivity • Cross-Country Output Convergence
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Projet(s) ANR |
|
Mots-clés |
en
Credit constraint, Firms, Growth, Interest rate, Productivity
|
DOI |
10.1111/ecca.12297 |
UT key WOS |
000453843100001 |