Nos visita Thorsten Beck, Cass Business School

EL Profesor Beck viene invitado por el Centro de Economía Aplicada y el Instituto Milenio para la Investigación en Imperfecciones de Mercado y Políticas Publicas  de Ingeniería Industrial de la Universidad de Chile. En su visita presentará el paper: “The Micro Impact of  Macroprudential Policies: Firm-Level Evidence”. Esta actividad se llevará a cabo el día miércoles 14 de noviembre a las 13:00 horas ( Beauchef 851, Piso 4)

Si desea asistir favor enviar mail a obarrera@dii.uchile.cl

 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/