NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels

Stijn Claessens, Hui Tong, Shang-Jin Wei

NBER Working Paper No. 17360
Issued in August 2011
NBER Program(s):   IFM

Using accounting data for 7722 non-financial firms in 42 countries, we examine how the 2007-2009 crisis affected firm performance and how various linkages propagated shocks across borders. We isolate and compare effects from changes in external financing conditions, domestic demand, and international trade on firms' profits, sales and investment using both sectoral benchmarks and firm-specific sensitivities estimated prior to the crisis. We find that the crisis had a bigger negative impact on firms with greater sensitivity to demand and trade, particularly in countries more open to trade. Interestingly, financial openness appears to have made limited difference.

download in pdf format
   (780 K)

email paper

This paper is available as PDF (780 K) or via email.

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w17360

Published:

Users who downloaded this paper also downloaded these:
Kalemli-Ozcan, Sorensen, and Yesiltas w17354 Leverage Across Firms, Banks, and Countries
Raddatz and Schmukler w17358 On the International Transmission of Shocks: Micro-Evidence from Mutual Fund Portfolios
Cetorelli and Goldberg w17355 Liquidity management of U.S. global banks: Internal capital markets in the great recession
Cochrane w11193 Financial Markets and the Real Economy
Dominguez, Hashimoto, and Ito w17362 International Reserves and the Global Financial Crisis
 
Publications
Activities
Meetings
NBER Videos
Themes
Data
People
About

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us