Replication data for: Disentangling the Effects of a Banking Crisis: Evidence from German Firms and Counties
Principal Investigator(s): View help for Principal Investigator(s) Kilian Huber
Version: View help for Version V1
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Project Citation:
Huber, Kilian. Replication data for: Disentangling the Effects of a Banking Crisis: Evidence from German Firms and Counties. Nashville, TN: American Economic Association [publisher], 2018. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E113164V1
Project Description
Summary:
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Lending cuts by banks directly affect the firms borrowing from them, but also indirectly depress economic activity in the regions in which they operate. This paper moves beyond firm-level studies by estimating the effects of an exogenous lending cut by a large German bank on firms and counties. I construct an instrument for regional exposure to the lending cut based on a historic, postwar breakup of the bank. I present evidence that the lending cut affected firms independently of their banking relationships, through lower aggregate demand and agglomeration spillovers in counties exposed to the lending cut. Output and employment remained persistently low even after bank lending had normalized. Innovation and productivity fell, consistent with the persistent effects.
Scope of Project
Subject Terms:
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Firm Bank Relationships;
Firm Employment;
Firm Balance Sheets
JEL Classification:
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E32 Business Fluctuations; Cycles
E44 Financial Markets and the Macroeconomy
G01 Financial Crises
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
R11 Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
R23 Urban, Rural, Regional, Real Estate, and Transportation Economics: Regional Migration; Regional Labor Markets; Population; Neighborhood Characteristics
E32 Business Fluctuations; Cycles
E44 Financial Markets and the Macroeconomy
G01 Financial Crises
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
R11 Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
R23 Urban, Rural, Regional, Real Estate, and Transportation Economics: Regional Migration; Regional Labor Markets; Population; Neighborhood Characteristics
Geographic Coverage:
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Germany
Time Period(s):
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2006 – 2012
Universe:
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German firms
Data Type(s):
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observational data
Methodology
Unit(s) of Observation:
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Firms,
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