全球智库信息集成服务系统(G2TT): DP17023 Government Procurement and Access to Credit: Firm Dynamics and Aggregate Implications

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP17023
	DP17023 Government Procurement and Access to Credit: Firm Dynamics and Aggregate Implications
	Julian di Giovanni; Manuel García-Santana; Enrique Moral-Benito; Josep Pijoan-Mas
发表日期	2022-06-20
出版年	2022
语种	英语
摘要	We provide a framework to study how different allocation systems of public procurement affect firm dynamics and long-run macroeconomic outcomes. We build a newly created panel dataset of administrative data for Spain that merges credit register loan data, quasi-census firm-level data, and public procurement projects. We show evidence consistent with the hypothesis that procurement contracts provide valuable collateral for firms, and more so than sales to the private sector. We then build a model of firm dynamics with both asset-based and earnings-based borrowing constraints and a government that buys goods and services from private sector firms, and use it to quantify the long-run macroeconomic consequences of alternative procurement allocation systems. We find that policies that promote the participation of small firms have sizeable macroeconomic effects, but their net impact on aggregate output is ambiguous. These policies help small firms grow and overcome financial constraints, which increases output in the long run. However, they also reduce saving incentives for large firms, decreasing output. The relative extent of these two forces and hence which of them dominates crucially depends on the type of financial frictions and the specific way the policy is implemented.
主题	Financial Economics ; International Macroeconomics and Finance ; Macroeconomics and Growth ; Monetary Economics and Fluctuations
关键词	Government procurement Financial frictions Capital accumulation Aggregate productivity
URL	https://cepr.org/publications/dp17023-0
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/546461
推荐引用方式 GB/T 7714	Julian di Giovanni,Manuel García-Santana,Enrique Moral-Benito,et al. DP17023 Government Procurement and Access to Credit: Firm Dynamics and Aggregate Implications. 2022.