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Fiscal Policy and Credit Supply: The Procurement Channel

2021-06-15Documento de Trabalho Acesso aberto
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dc.contributor.authorBonfim, Diana
dc.contributor.authorFerreira, Miguel A.
dc.contributor.authorQueiró, Francisco
dc.contributor.authorSujiao (Emma), Zhao
dc.date.accessioned2022-08-30T12:09:24Z
dc.date.available2022-08-30T12:09:24Z
dc.date.issued2021-06-15
dc.description.abstractWe measure how cuts to public procurement propagate through the banking system in a financial crisis. During the European sovereign debt crisis, the Portuguese government cut procurement spending by 4.3% of GDP.We find that this cut saddled banks with non-performing loans from government contractors, which led to a reduction in credit supply to other firms. The credit supply shock, in turn, caused firm output to decline. In a general equilibrium model, our firm-level estimates imply an aggregate elasticity of credit supply with respect to aggregate demand of 1.6 and a credit-driven fiscal multiplier of 0.6.pt_PT
dc.description.versioninfo:eu-repo/semantics/submittedVersionpt_PT
dc.identifier.citationBonfim, Diana, Ferreira, Miguel A., Queiró, Francisco, Zhao, Sunjiao. Fiscal Policy and Credit Supply: The Procurement Channel. (November 2022) Nova SBE Working Paper Series No. 644pt_PT
dc.identifier.urihttp://hdl.handle.net/10362/143356
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherNova School of Business and Economicspt_PT
dc.relationThe interplay between agents in the financial marketplace
dc.relationCatólica Lisbon Research Unit in Business and Economics
dc.relation.ispartofseriesNova SBE Working Paper Series;644
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/pt_PT
dc.subjectCredit supplypt_PT
dc.subjectGovernment procurementpt_PT
dc.subjectInvestmentpt_PT
dc.subjectEmploymentpt_PT
dc.subjectFinancial crisispt_PT
dc.subjectBank-sovereign looppt_PT
dc.subjectAusteritypt_PT
dc.titleFiscal Policy and Credit Supply: The Procurement Channelpt_PT
dc.typeworking paper
dspace.entity.typePublication
oaire.awardNumberPTDC/EGE-OGE/30314/2017
oaire.awardNumberUID/GES/00407/2013
oaire.awardTitleThe interplay between agents in the financial marketplace
oaire.awardTitleCatólica Lisbon Research Unit in Business and Economics
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/3599-PPCDT/PTDC%2FEGE-OGE%2F30314%2F2017/PT
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UID%2FGES%2F00407%2F2013/PT
oaire.fundingStream3599-PPCDT
oaire.fundingStream6817 - DCRRNI ID
person.familyNameRibeiro Guimarães Bonfim
person.familyNameFerreira
person.familyNameQueiró
person.familyNameEmma
person.givenNameDiana Carina
person.givenNameMiguel
person.givenNameFrancisco
person.givenNameSujiao Zhao
person.identifier.ciencia-id1116-0733-DDF9
person.identifier.ciencia-id0C1F-7692-E246
person.identifier.ciencia-idED16-9B7E-8DC3
person.identifier.ciencia-idA815-66A1-88A8
person.identifier.orcid0000-0002-3108-8514
person.identifier.orcid0000-0003-0537-2703
person.identifier.orcid0000-0002-8858-2046
person.identifier.ridB-7931-2009
person.identifier.scopus-author-id8503169400
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.nameFundação para a Ciência e a Tecnologia
project.funder.nameFundação para a Ciência e a Tecnologia
rcaap.rightsopenAccesspt_PT
rcaap.typeworkingPaperpt_PT
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relation.isAuthorOfPublicationa5c4a78a-189f-4b23-b724-4d2b3c956863
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