El Departamento de Economía de la Universidad de Chile tiene el agrado de invitar a usted a un nuevo Seminario Académico:

Título - Scarring Recessions and Credit Constraints: Evidence from Colombian Plant Dynamics

Autores - Marcela Eslava (Universidad de Los Andes), Arturo Galindo (Regional Economic Advisor for the Andean Countries, IDB), Marc Hofstetter (Universidad de Los Andes) y Alejandro Izquierdo (Principal research economist IDB)

Presentadora - Marcela Eslava 

Abstract - Using a rich dataset of Colombian manufacturing establishments between 1995 and 2004, we illustrate potential scarring e¤ects of recessions operating through credit constraints. In contrast with the view that recessions are times of cleansing, we .nd that .nancially constrained businesses might be forced to exit the market during recessions even if they are highly productive. For instance, during recessions, an establishment with TFP at the lowest 10th percentile but not facing credit constraints has the same exit probability as a constrained plant with TFP at the 77th percentile. The gap is much smaller during expansions. The contribution of the paper is threefold. First, it evaluates the role played by credit constraints in explaining .rm dynamics throughout the business cycle, a phenomenon the literature has dealt with mostly from a theoretical standpoint. Second, it sheds light on the implied long-run consequences of exits induced by lack of credit on e¢ ciency. Finally, it is the only study we know of providing direct evidence to judge the empirical merits of proposed micro foundations behind the long-run consequences of crises.

El  Seminario  se realizará el viernes 27 de noviembre de 13:00 a 14:00 hrs, en  la Sala P-307 Tercer Piso del edificio Placa de la Facultad de Economía y Negocios de la Universidad de Chile, ubicada en Diagonal Paraguay 257.