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| 001 | w31026 | ||
| 003 | NBER | ||
| 005 | 20230322103947.0 | ||
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| 007 | cr cnu|||||||| | ||
| 008 | 230322s2023 mau fo 000 0 eng d | ||
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_aMaCbNBER _beng _cMaCbNBER |
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| 100 | 1 | _aBocola, Luigi. | |
| 245 | 1 | 4 |
_aThe Macroeconomics of Trade Credit / _cLuigi Bocola, Gideon Bornstein. |
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_aCambridge, Mass. _bNational Bureau of Economic Research _c2023. |
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_a1 online resource: _billustrations (black and white); |
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| 490 | 1 |
_aNBER working paper series _vno. w31026 |
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| 500 | _aMarch 2023. | ||
| 520 | 3 | _aIn most countries, suppliers of intermediate goods and services are also the main providers of short-term financing to firms. This paper studies the macroeconomic implications of these financial links. In our model, trade credit is the outcome of a long-term contract between firms linked in the production process, and it is sustained in equilibrium by reputation forces as customers lose the relationship with their suppliers in case of a default. These financial links give rise to a credit multiplier: suppliers can enforce repayment of these IOUs, and they can discount these bills with banks to obtain liquidity. This process can either dampen or amplify the output effects of financial shocks, depending on the borrowing capacity of suppliers. Using Italian data, we find that the credit multiplier is sizable and show that trade credit amplified the output costs of the Great Recession by 45%. | |
| 530 | _aHardcopy version available to institutional subscribers | ||
| 538 | _aSystem requirements: Adobe [Acrobat] Reader required for PDF files. | ||
| 538 | _aMode of access: World Wide Web. | ||
| 588 | 0 | _aPrint version record | |
| 690 | 7 |
_aFinancial Markets and the Macroeconomy _2jelc |
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_aFinancial Markets and the Macroeconomy _2jelc |
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_aE44 _2jelc |
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_aFinancial Crises _2jelc |
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_aFinancial Crises _2jelc |
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_aG01 _2jelc |
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| 690 | 7 |
_aGeneral _2jelc |
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| 650 | 7 |
_aGeneral _2jelc |
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_aG30 _2jelc |
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| 700 | 1 | _aBornstein, Gideon. | |
| 710 | 2 | _aNational Bureau of Economic Research. | |
| 830 | 0 |
_aWorking Paper Series (National Bureau of Economic Research) _vno. w31026. |
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| 856 | 4 | 0 | _uhttps://www.nber.org/papers/w31026 |
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_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w31026 |
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_2ddc _cW-PAPER |
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_c390797 _d349359 |
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