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Credit Constraints anf Firms' Decisions: Evidence from the COVID-19 Outbreak Italian Firms’ Expectations and Plans

Author

Listed:
  • Pierluigi Balduzzi

    (Boston College)

  • Emanuele Brancati

    (Sapienza University of Rome)

  • Marco Brianti

    (Boston College)

  • Fabio Schiantarelli

    (Boston College
    IZA)

Abstract
This paper takes advantage of unique survey data on Italian firms to investigate the role played by credit constraints in the transmission of the shocks generated by the COVID-19 outbreak. These data, collected just before and just after the onset of the pandemic, allow us to study how revisions of firms’ expectations and plans are shaped by a survey-based measure of credit constraints that uses information about the outcome of past loan applications. Our results show that the lack of access to credit strongly amplifies the negative effects on planned factor demand and expected sales of the pandemic shock. Moreover, credit-constrained firms, in their search for liquidity, plan to charge significantly higher prices relative to their unconstrained counterparts.

Suggested Citation

  • Pierluigi Balduzzi & Emanuele Brancati & Marco Brianti & Fabio Schiantarelli, 2020. "Credit Constraints anf Firms' Decisions: Evidence from the COVID-19 Outbreak Italian Firms’ Expectations and Plans," Boston College Working Papers in Economics 1013, Boston College Department of Economics, revised 07 Oct 2022.
    • Handle: RePEc:boc:bocoec:1013
    Note: Previously circulated as "The Economic Effects of COVID-19 and Credit Constraints: Evidence from Italian Firms’ Expectations and Plans"
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    References listed on IDEAS

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    Cited by:

    1. Alejandro Fernández-Cerezo & Beatriz Gonzalez & Mario Izquierdo Peinado & Enrique Moral-Benito, 2023. "Firm-level heterogeneity in the impact of the COVID-19 pandemic," Applied Economics, Taylor & Francis Journals, vol. 55(42), pages 4946-4974, September.
    2. Marco Bottone & Cristina Conflitti & Marianna Riggi & Alex Tagliabracci, 2021. "Firms' inflation expectations and pricing strategies during Covid-19," Questioni di Economia e Finanza (Occasional Papers) 619, Bank of Italy, Economic Research and International Relations Area.
    3. Mello, Marco & Moscelli, Giuseppe, 2022. "Voting, contagion and the trade-off between public health and political rights: Quasi-experimental evidence from the Italian 2020 polls," Journal of Economic Behavior & Organization, Elsevier, vol. 200(C), pages 1025-1052.
    4. Ferragina, Anna Maria & Iandolo, Stefano, 2022. "Reacting to the economic fallout of the COVID-19: Evidence on debt exposure and asset management of Italian firms," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 530-547.
    5. Di Bartolomeo, Giovanni & D'Imperio, Paolo & Felici, Francesco, 2022. "The fiscal response to the Italian COVID-19 crisis: A counterfactual analysis," Journal of Macroeconomics, Elsevier, vol. 73(C).
    6. Alessio D'Ignazio & Paolo Finaldi Russo & Massimiliano Stacchini, 2022. "Micro-entrepreneurs’ financial and digital competences during the pandemic in Italy," Questioni di Economia e Finanza (Occasional Papers) 724, Bank of Italy, Economic Research and International Relations Area.
    7. Meinen, Philipp & Serafini, Roberta & Papagalli, Ottavia, 2021. "Regional economic impact of Covid-19: the role of sectoral structure and trade linkages," Working Paper Series 2528, European Central Bank.
    8. Brancati, Emanuele, 2023. "R&D plans, expectations, and uncertainty: Evidence from the COVID-19 shock in Italy," Structural Change and Economic Dynamics, Elsevier, vol. 67(C), pages 303-318.
    9. Coad, Alexander & Amaral-Garcia, Sofia & Bauer, Peter & Domnick, Clemens & Harasztosi, Péter & Pál, Rozália & Teruel, Mercedes, 2022. "Investment expectations by vulnerable European firms: A difference-in-difference approach," EIB Working Papers 2022/04, European Investment Bank (EIB).
    10. Albert, Christoph & Caggese, Andrea & González, Beatriz & Martin-Sanchez, Victor, 2023. "Income inequality and entrepreneurship: Lessons from the 2020 COVID-19 recession," Journal of Banking & Finance, Elsevier, vol. 149(C).

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    More about this item

    Keywords

    COVID-19; firms; credit constraints; expectations; prices; employment; investment; sales prices; employment; investment; sales; orders;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • I10 - Health, Education, and Welfare - - Health - - - General

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