A Review Of 19 loan
A Review Of 19 loan
Blog Article
This paper analyses the determinants of organization participation in the Swiss COVID-19 loan programme, which aims to bridge firms’ liquidity shortfalls that have resulted from your pandemic. Condition-certain COVID-19 loans are commonly employed by Swiss firms, with twenty% of all firms taking part, leading to a sizeable programme of two.4% of GDP. We use a comprehensive dataset to study the determinants of firm participation. Our results may be summarised as follows. To start with, participation was largely pushed because of the publicity of the organization to lockdown restrictions and also to the intensity of the virus in the specific location.
Now, we talk about how the ex ante liquidity and indebtedness positions influence company participation. Furthermore, we evaluate whether the loan programmes specifically attracted companies that based mostly on their own ex ante monetary situation were being discovered as zombies.
3rd, we discover no apparent evidence that firm indebtedness influenced participation and no evidence that participation was increased for companies with an ex ante rather low profitability and large indebtedness, i.e. what we recognize as zombie firms.three Fourth, we display which the programme reached young and smaller sized corporations. For this reason, the loan programme achieved corporations for which usage of outside the house finance is usually more difficult—especially in the course of a crisis. All round, our final results are robust to various requirements and depend upon many actions that exploit variation throughout sectors, locations and business measurements.4
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The loan can be employed for Doing the job capital and ordinary running charges. These can involve health and fitness care benefits, lease, utilities, fastened credit card debt payments, together with other expenses that might are compensated In case the catastrophe hadn’t transpired.
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The 3rd contribution by Kaufmann (2020) would not analyze the determinants of programme participation but investigates its impact on the macroeconomy.