lower access to credit and weaker investor protection. Further, using the recent financial crisis as a natural experiment … investment decisions. Our findings support the hypothesis that financial flexibility relates to companies’ ability to undertake … future investment, despite market frictions hampering possible profitable growth opportunities. …

between productivity and bank credit in the context of different financial market set-ups, we introduce a model of overlapping … generations of entrepreneurs under complete and incomplete credit markets. Then, we exploit firm-level data for France, Germany … and Italy to explore the relation between bank credit and productivity following the main derivations of the model. We …

to activate macroprudential tools targeting excessive credit growth and leverage. To robustly select the key indicators … using credit to GDP gaps, credit to GDP ratios and credit growth rates, as well as real estate variables in addition to a …

Using individual firm data, this study analyzes the credit channel in Austria. The estimation is based on an … accelerator specification of investment demand augmented by the liquidity ratio and a firm specific user cost of capital. The … results show that there is a credit channel in Austria affecting all firms, while the interest rate channel is significant as …

positions of firms have affected firms’ investment decisions, especially during the recent crisis. Our results confirm the … relevance of leverage for investment, in addition to other common determinants, such as cash flow or sales growth. In particular …, we find evidence that higher levels of indebtedness act as a drag on investment. We investigate cash holding policies and …

positions of firms have affected firms' investment decisions, especially during the recent crisis. Our results confirm the … relevance of leverage for investment, in addition to other common determinants, such as cash flow or sales growth. In particular …, we find evidence that higher levels of indebtedness act as a drag on investment. We investigate cash holding policies and …

lower access to credit and weaker investor protection. Further, using the recent financial crisis as a natural experiment … investment decisions. Our findings support the hypothesis that financial flexibility relates to companies' ability to undertake … future investment, despite market frictions hampering possible profitable growth opportunities …