BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//jEvents 2.0 for Joomla//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
BEGIN:VEVENT
UID:5f1bd5caf1fa7bf64a6460ded8b353df
CATEGORIES:Seminars
CREATED:20191003T165228
SUMMARY:Lunch Seminar: Fadi Hassan - Banca d'Italia
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:International Financial Flows and Misallocation  joint with Federico Cingan
 o\n\n\nAbstract:\nWe study the impact of international financial flows on c
 redit allocation exploiting the early 2000s boom in capital inflows in Ital
 y. Using detailed bank-firm matched data, we identify lenders that benefite
 d more from the flows and estimate whether the subsequent shock to credit s
 upply varied with firm characteristics. Exposed banks significantly expande
 d lending to high-productive and low-risk firms. Riskier firms also benefit
 ted from the supply shock conditional on being highly productive. These res
 ults hold using alternative measures of firm productivity and risk or of ba
 nk exposure to the capital flows, and do not seem to be driven by concurren
 t changes in bank funding or by the sorting of borrowers and lenders. Our f
 indings do not support the idea that international financial flows contribu
 ted to increase misallocation.\n
DTSTAMP:20260404T111002Z
DTSTART:20191106T130000Z
DTEND:20191106T140000Z
SEQUENCE:0
TRANSP:OPAQUE
END:VEVENT
END:VCALENDAR