00000nam 2200000zi 4500 9.927517 CaOODSP 20250218144329 m o d f cr |n||||||||| 230919t20232023oncd ob f|0| 0 eng d CaOODSP eng rda CaOODSP eng eng fre n-cn--- FB3-5/2023-32E-PDF Gourinchas, Pierre-Olivier, author. SME failures under large liquidity shocks : an application to the COVID-19 crisis / by Pierre-Olivier Gourinchas, Şebnem Kalemli-Özcan, Veronika Penciakova and Nick Sander. [Ottawa] : Bank of Canada = Banque du Canada, 2023. ©2023 1 online resource (ii, 51 pages) : charts. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2023-32 "Last updated: June 9, 2023." Includes bibliographical references. "We study the effects of financial frictions on firm exit when firms face large liquidity shocks. We develop a simple model of firm cost-minimization that introduces a financial friction that limits firms’ borrowing capacity to smooth temporary shocks to liquidity. In this framework, firm exit arises from the interaction between this financial friction and fluctuations in cash flow due to aggregate and sectoral changes in demand conditions, as well as more traditional shocks to productivity. To evaluate the implications of our model, we use firm-level data on small and medium-sized enterprises (SMEs) in 11 European countries"--Abstract. Includes abstract in French. COVID-19 Pandemic, 2020-2023 Economic aspects. Small business Finance. Pandémie de COVID-19, 2020-2023 Aspect économique. Petites et moyennes entreprises Finances. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2023-32. (CaOODSP)9.806221 PDF 654 KB https://publications.gc.ca/collections/collection_2023/banque-bank-canada/FB3-5-2023-32-eng.pdf