Trade credit, the Financial Crisis and Firms Access to Finance

Allbwn ymchwil: Cyfraniad at gyfnodolynErthygl

Fersiynau electronig

Dogfennau

Dangosydd eitem ddigidol (DOI)

We analyse for the first time whether trade credit provided an alternative source of external finance to SMEs during the credit crisis. Using firm level panel data on over 40,000 Spanish SMEs we find that credit constrained SMEs depend on trade credit, but not bank loans, to finance capital expenditures and that the intensity of this dependence increased during the financial crisis. Unconstrained firms, in contrast, are dependent on banks loans not trade credit. Overall, this suggests substitution between bank loans and trade credit that is conditional on the level of financing constraints and is more intense during the crisis
Iaith wreiddiolSaesneg
Tudalennau (o-i)113-143
CyfnodolynJournal of Money, Credit and Banking
Cyfrol48
Rhif y cyfnodolyn1
Dyddiad ar-lein cynnar19 Ion 2016
Dynodwyr Gwrthrych Digidol (DOIs)
StatwsCyhoeddwyd - 19 Ion 2016

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