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| LEADER | 03080nam a2200433 i 4500 | |
| 001 | 991023420349102122 | |
| 005 | 20240308052343.0 | |
| 006 | m o d | |
| 007 | cr ||||||||||| | |
| 008 | 240306t20242020maua ob 000 0 eng d | |
| 035 | $a(OCoLC)1425194805 | |
| 035 | $a(OCoLC)on1425194805 | |
| 035 | $a(EXLNZ-01UWI_NETWORK)9914063245502121 | |
| 040 | $aGZM$beng$erda$cGZM | |
| 049 | $aGZMA | |
| 050 | _4 | $aH11$b.N2434x no. 27877 |
| 100 | 1_ | $aGourinchas, Pierre-Olivier,$eauthor. |
| 245 | 10 | $aSME failures under large liquidity shocks :$ban application to the COVID-19 crisis /$cPierre-Olivier Gourinchas, Sebnem Kalemli-Ozcan, Veronika Penciakova, Nick Sander. |
| 264 | _1 | $aCambridge, Mass. :$bNational Bureau of Economic Research,$c2024. |
| 264 | _4 | $c©2020 |
| 300 | $a1 online resource (81 pages) :$billustrations. | |
| 336 | $atext$btxt$2rdacontent | |
| 337 | $acomputer$bc$2rdamedia | |
| 338 | $aonline resource$bcr$2rdacarrier | |
| 347 | $adata file$2rda | |
| 490 | 1_ | $aNBER working paper series ;$vno. 27877 |
| 588 | $aDescription based on online resource; title from http://www.nber.org/papers/w27877 viewed March 6, 2024. | |
| 500 | $a"September 2020, Revised February 2023" | |
| 504 | $aIncludes bibliographical references (pages 49-52). | |
| 520 | $aWe study the effects of financial frictions on firm exit when firms face large liquidity shocks. We develop a simple model of firm cost-minimization, where firms' borrowing capacity to smooth temporary shocks to liquidity is limited. In this framework, firm exit arises from the interaction between this financial friction and fluctuations in cash flow due to aggregate and sectoral changes in demand conditions, as well as more traditional shocks to productivity. To evaluate the implications of our model, we use firm level data on small and medium sized enterprises (SMEs) in 11 European countries. We confirm that our framework is consistent with official failure rates in 2017-2019, a period characterized by standard business cycle fluctuations in demand. To capture a large liquidity shock, we apply our framework to the COVID-19 crisis. We find that, absent government support, SME failure rates would have increased by 6.01 percentage points, putting 3.1 percent of employment at risk. Our results also show that in the presence of financial frictions and in the absence of government support, the firms failing due to COVID have similar productivity and growth to firms that survive COVID. | |
| 650 | _0 | $aCOVID-19 Pandemic, 2020-$xEconomic aspects. |
| 650 | _0 | $aSmall business$xFinance. |
| 700 | 1_ | $aKalemli-Ozcan, Sebnem,$eauthor. |
| 700 | 1_ | $aPenciakova, Veronika,$eauthor. |
| 700 | 1_ | $aSander, Nick,$eauthor. |
| 710 | 2_ | $aNational Bureau of Economic Research,$epublisher. |
| 775 | 0_ | $aGourinchas, Pierre-Olivier.$tCOVID-19 and SME failures.$dCambridge, Mass. : National Bureau of Economic Research, 2020$w(OCoLC)1198085516 |
| 830 | _0 | $aWorking paper series (National Bureau of Economic Research) ;$vno. 27877. |
| 856 | 40 | $uhttps://www.nber.org/papers/w27877 |
| 950 | $a20240306$bmem$co$de$egls$9local | |