reacting to more difficult access to credit by increasing their precautionary cash buffers. …

Contractions in credit supply can lead firms to reduce their level of employment, yet little is known about how these … affects credit provision and its effects on employment beyond firm-level aggregates. To do so, we use a novel dataset built … from alternate sources. The decrease in credit supply led to a drop in firm-level employment, with effects concentrated …

countries with a special emphasis on Finland. While fiscal and monetary policies have definitely impacted on macroeconomic … important in explaining the differences. In particular, the weakness of growth in Finland can best be explained by a series of …