What Hinders Investment in the Aftermath of Financial Crises: Insolvent Firms or Illiquid Banks?
NBER Working Paper No. 16528
---- Acknowledgements -----
We thank Asim Khawaja and three anonymous referees for their constructive comments. We also 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, McGill University, Rice University, University of Texas at Austin, Stockholm School of Economics, Valencia University, 10th Jacques Polak IMF Annual Research Conference, 2010 NBER-IFM Spring Meeting, and 2010 LACEA Meetings for their comments. Carolina Villegas-Sanchez acknowledges financial support from Banco Sabadell. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.