期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2016
出版社：European Central Bank
摘要：We show that credit supply shocks have a strong impact on rm-level as well as aggregateinvestment by applying the methodology developed by Amiti and Weinstein (2013) to a richdataset of matched bank- rm loans in the Portuguese economy for the period 2005 to 2013. Weargue that their decomposition framework can also be used in the presence of small rms withonly one banking relationship as long as they account for only a small share of the total loanvolume of their banks. The growth rate of individual loans in our dataset is decomposed intobank, rm, industry and common shocks. Adverse bank shocks are found to impair rm-levelinvestment in all rms in our sample, but in particular for small rms and those with no access toalternative nancing sources. For the economy as a whole, granular shocks in the banking systemaccount for around 20{40% of aggregate investment dynamics.
