TAILIEUCHUNG - Information Sharing and Credit: Firm-Level Evidence from Transition Countries

Obviously, in this case we cannot fully eliminate the identification and causality problem because firms’ profits/losses may affect their demand for credit as well. In order to circumvent this problem (at least partly) we use in addition an interaction variable between the profitability dummy and the lagged value of the access to credit variable. The rationale is to test whether long-term enterprise-bank relations are associated with the firm’s viability. The fixed capital ratio variable is aimed to capture the importance of collateral for the supply of bank credit, which is an essential aspect of bank lending in the credit. | CSEF Centre for Studies in Economics and Finance Working Paper no. 178 Information Sharing and Credit Firm-Level Evidence from Transition Countries Martin Brown Tullio Jappelli and Marco Pagano May 2007 University of Naples Federico II University of Salerno Bocconi University Milan Ihi CSEF - Centre for Studies in Economics and Finance - University of Salerno 84084 FISCIANO SA - ITALY Tel. 39 089 96 3167 3168 - Fax 39 089 96 3167 - e-mail csef@ CSiF Centre tor Studies in Economics and Finance Working Paper no. 178 Information Sharing and Credit Firm-Level Evidence from Transition Countries Martin Brown Tullio Jappelli and Marco Pagano Abstract We investigate whether information sharing among banks has affected credit market performance in the transition countries of Eastern Europe and the former Soviet Union using a large sample of firm-level data. Our estimates show that information sharing is associated with improved availability and lower cost of credit to firms and that this correlation is stronger for opaque firms than transparent firms. In cross-sectional estimates we control for variation in country-level aggregate variables that may affect credit by examining the differential impact of information sharing across firm types. In panel estimates we also control for the presence of unobserved heterogeneity at the firm level and for changes in selected macroeconomic variables. Keywords information sharing credit access transition countries JEL Classification D82 G21 G28 O16 P34 Acknowledgements We benefited from the comments of Mariassunta Giannetti Luigi Pistaferri Alessandro Sembenelli Greg Udell and seminar participants at the University of Turin the Swiss National Bank the Ancona Conference on the Changing Geography of Banking the 8th Conference of the ECB-CFS Research Network on Financial Integration and Stability in Europe and the 2007 Skinance conference. We also thank Caralee McLiesh of the World Bank and Utku Teksov of the EBRD for kindly .

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