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“The Micro Impact of Macroprudential Policies: Firm-Level Evidence «, a cargo de Thorsten Beck, Cass Business School.

El Centro de Economía Aplicada del Departamento de Ingeniería Industrial y  El Instituto Milenio para la Investigación en Imperfecciones de Mercado y Políticas Publicas  de la Universidad de Chile, tienen el agrado de invitarlo a la presentación del paper:

 

“The Micro Impact of  Macroprudential Policies: Firm-Level Evidence «, a cargo de Thorsten Beck, Cass Business School.

 

Abstract:

Combining balance sheet data on 900,000 firms from 49 countries with information on the adoption of macroprudential policies during 2003-2011, we find that these policies are associated with lower credit growth. These effects are especially significant for micro, small and medium enterprises (MSMEs) and young firms that, according to the literature, are more financially constrained and bank dependent. Among MSMEs and young firms, those with weaker balance sheets exhibit lower credit growth in conjunction with the adoption of macroprudential policies, suggesting that these policies can enhance financial stability. Finally, our results show that macroprudential policies have real effects, as they are associated with lower investment and sales growth.

 

http://www.thorstenbeck.com/

 

El seminario se realizará el MIERCOLES 14 DE NOVIEMBRE a las 13:00hrs., en la SALA CONSEJO de BEAUCHEF 851, PISO 4, Depto. de Ingeniería Industrial.