TY  - UNPD
A1  - Wix, Carlo
T1  - The long-run real effects of banking crises: firm-level investment dynamics and the role of wage rigidity
T2  - SAFE working paper series ; No. 189
N2  - This paper studies the long-run effects of credit market disruptions on real firm outcomes and how these effects depend on nominal wage rigidities at the firm level. I trace out the long-run investment and growth trajectories of firms which are more adversely affected by a transitory shock to aggregate credit supply. Affected firms exhibit a temporary investment gap for two years following the shock, resulting in a persistent accumulated growth gap. I show that affected firms with a higher degree of wage rigidity exhibit a steeper drop in investment and grow more slowly than affected firms with more flexible wages.
T3  - SAFE working paper - 189 
KW  - Financial Crises
KW  - Bank Lending
KW  - Real Effects
KW  - Firm Investment
KW  - Wage Rigidity
KW  - Labor Hoarding
Y1  - 2017
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/45194
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-451947
UR  - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3075810
IS  - This Version: November 2017
PB  - SAFE
CY  - Frankfurt am Main
ER  -