External Financial Dependence and Firms' Crisis Performance Across Europe

Released on by Peter Eppinger
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  • External Financial Dependence and Firms' Crisis Performance Across Europe Book Detail

  • Author : Peter Eppinger
  • Release Date : 2021
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  • ISBN 13 :
  • File Size : 12,12 MB
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External Financial Dependence and Firms' Crisis Performance Across Europe by Peter Eppinger PDF Summary

Book Description: How do financial market conditions affect real economic performance? Empirical investigations of this question have often relied on measures of external financial dependence (EFD) that are constructed using U.S. data and applied to other countries under the assumption of a stable industry ranking across countries. This paper exploits unique, comparable survey data from seven European countries to show that correlations of EFD across countries are weak, casting some doubt on this assumption. We then use the novel survey-based EFD index to show that the global financial crisis had a disproportionately negative impact on the real performance of financially dependent firms. Further investigations highlight the importance of supply chains in propagating the credit shock.

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Financial Crisis

Financial Crisis

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Contents: (1) Overview: Financial Architecture; Economic Performance; (2) The Financial Crisis and the European Union; (3) Phase I ¿ Build-up; (4) Phase II ¿