NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

What Hinders Investment in the Aftermath of Financial Crises: Insolvent Firms or Illiquid Banks?

Sebnem Kalemli-Ozcan, Herman Kamil, Carolina Villegas-Sanchez

NBER Working Paper No. 16528
Issued in November 2010

---- Acknowledgements -----

We thank Laura Alfaro, Hoyt Bleakley, Roberto Chang, Fritz Foley, Mario Crucini, Aimee Chin, Philipp Schnabl and Bent Sorensen for valuable suggestions and the participants of the seminar at Alicante, Bank of Spain, Brown University, Dartmouth, ESADE, 10th Jacques Polak IMF Annual Research Conference, McGill University, 2010 NBER-IFM Spring Meeting, 2010 LACEA Meetings, Stockholm School of Economics, and Valencia University for their comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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