CEPII, Recherche et Expertise sur l'economie mondiale
Thursday May 16, 2019
16.30-17.30 - CEPII, 20, avenue de Ségur, 75007 Paris
Research seminar « Credit Supply and Human Capital: Evidence from Bank Pension Liabilities »

Claire Célérier
Associate Professor, University of Toronto
Claire Célérier, Associate Professor University of Toronto, will present the main findings of her paper "Credit Supply and Human Capital: Evidence from Bank Pension Liabilities", co-authored with Andrada Bilan and Luciana Barbosa.
This paper identifies the effects of exogenous credit constraints on firm ability to attract and retain skilled workers. To do so, the authors exploit a shock to the value of the pension obligations of Portuguese banks resulting from a change in accounting norms. Using bank-firm credit exposures that they match with a census of all Portuguese employees, the authors show that firms in a relationship with affected banks borrow less and reduce employment mostly of high-skilled workers. High-skilled workers are more likely to exit and less likely to join affected firms. Overall, credit market frictions might have long-lasting effects on firm productivity and growth through the firm accumulation of human capital.
Contact: conferencesatcepii.fr