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dc.contributor.authorToro Venegas, Patricioen_US
dc.date.accessioned2016-12-20T19:25:00Z
dc.date.available2016-12-20T19:25:00Z
dc.date.issued2016
dc.identifier.urihttps://hdl.handle.net/2144/19735
dc.description.abstractThis dissertation studies the effects of credit availability on firm-level outcomes using a new matched employer-employee panel of Chilean firms that also includes firm-bank lending and tax data. In Chapter I, using a natural experiment and a differences in differences approach, I show that firms that experienced a positive credit supply shock during the 2008-09 recession in Chile, exhibit higher labor productivity four years after the shock, even after aggregate demand and credit supply have fully recovered. Chapter II presents evidence consistent with the hypothesis that at least part of the productivity improvement is due to an increased ability of firms with access to credit to adjust labor during the recession. In particular, I find that these firms exhibit larger worker flows and use credit to adjust employment by churning more workers. Chapter III studies a government partial credit guarantee scheme for bank loans to small and medium sized enterprises using a regression discontinuity design around the threshold for eligibility. I show that the program has a large positive causal effect on firms' total borrowing, and the effect is persistent. Moreover, firms that obtain bank loans through this scheme can borrow more from loans not insured by the guarantee, which means that the program has a positive effect on the firms's total borrowing capacity. Finally, the program also helps in the formation of new bank-firm lending relationships.en_US
dc.language.isoen_US
dc.subjectFinanceen_US
dc.subjectBanking relationshipsen_US
dc.subjectBank lendingen_US
dc.subjectChurningen_US
dc.subjectFinancial crisisen_US
dc.subjectProductivityen_US
dc.subjectCredit guarantee schemeen_US
dc.titleEssays on the real effects of financial frictionsen_US
dc.typeThesis/Dissertationen_US
dc.date.updated2016-12-07T02:07:50Z
etd.degree.nameDoctor of Philosophyen_US
etd.degree.leveldoctoralen_US
etd.degree.disciplineEconomicsen_US
etd.degree.grantorBoston Universityen_US


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