有限支持：危机时期流动性支持的成功与局限

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Financial Management Pub Date : 2024-11-04 DOI:10.1111/fima.12485

John Lynch, Richard Ogden

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引用次数: 0

摘要

我们的论文通过展示当公司异质性被忽视时产生的意外后果，揭示了流动性注入计划的复杂性。利用薪水保护计划的企业层面数据，我们发现政府贷款有效地减少了倒闭，特别是在头两周内收到的贷款。然而，我们发现基金的有效性存在显著的异质性，这是由笼统的资格准则和公司处理信息的方式差异造成的。其实施依赖于银行体系，而银行体系偏爱客户资本更雄厚的公司，从而加剧了分配效应。我们的研究结果强调了深思熟虑的流动性分配设计的重要性，以最大限度地发挥其效益。

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Bounded support: Success and limitations of liquidity support during times of crisis

Our paper sheds light on the complexity of liquidity injection programs by showing unintended consequences that arise when firm heterogeneity is overlooked. Utilizing firm-level data from the Paycheck Protection Program, we find government lending effectively reduced closures, particularly if received during the first two weeks. However, we find significant heterogeneity in the effectiveness of funds, resulting from broad-brush eligibility guidelines and differences in how firms process information. The implementation relied on the banking system, which exacerbated the distributional effects by favoring firms with stronger customer capital. Our findings highlight the importance of thoughtful liquidity distribution design to maximize its benefits.

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来源期刊

Financial Management BUSINESS, FINANCE-

CiteScore

6.00

自引率

0.00%

发文量

期刊介绍： Financial Management (FM) serves both academics and practitioners concerned with the financial management of nonfinancial businesses, financial institutions, and public or private not-for-profit organizations.