000	02258nam  2200385zi 4500
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008	230919t20232023oncd    ob   f|0| 0 eng d
040	|aCaOODSP|beng|erda|cCaOODSP
041	|aeng|beng|bfre
043	|an-cn---
086	1 |aFB3-5/2023-32E-PDF
100	1 |aGourinchas, Pierre-Olivier, |eauthor.
245	10|aSME failures under large liquidity shocks : |ban application to the COVID-19 crisis / |cby Pierre-Olivier Gourinchas, Şebnem Kalemli-Özcan, Veronika Penciakova and Nick Sander.
264	1|a[Ottawa] : |bBank of Canada = Banque du Canada, |c2023.
264	4|c©2023
300	|a1 online resource (ii, 51 pages) : |bcharts.
336	|atext|btxt|2rdacontent
337	|acomputer|bc|2rdamedia
338	|aonline resource|bcr|2rdacarrier
490	1 |aStaff working paper = Document de travail du personnel, |x1701-9397 ; |v2023-32
500	|a"Last updated: June 9, 2023."
504	|aIncludes bibliographical references.
520	|a"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.
546	|aIncludes abstract in French.
650	0|aCOVID-19 Pandemic, 2020-2023|xEconomic aspects.
650	0|aSmall business|xFinance.
650	6|aPandémie de COVID-19, 2020-2023|xAspect économique.
650	6|aPetites et moyennes entreprises|xFinances.
710	2 |aBank of Canada, |eissuing body.
830	#0|aStaff working paper (Bank of Canada)|v2023-32.|w(CaOODSP)9.806221
856	40|qPDF|s654 KB|uhttps://publications.gc.ca/collections/collection_2023/banque-bank-canada/FB3-5-2023-32-eng.pdf