Author:
Michał Brzozowski
brzozowski@wne.uw.edu.pl
https://orcid.org/0000-0003-3963-9162
Michał Brzozowski
Faculty of Economic Sciences, University of Warsaw, Długa 44/50, 00-241, Warsaw , Poland
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Abstract
Using annual sectoral data for Hungary and Poland covering the period of 2005–2016, this paper assesses the impact of credit market characteristics on labor productivity in manufacturing. Apart from the amount of loans extended to non-financial corporations, which has been extensively studied in the literature, it focuses on credit market stability and tightness. The main results are that the volatility of credit originating from the supply side of the market has a negative influence on labor productivity, while credit market tightness is insignificant. There is no robust evidence that the stock of credit is a critical productivity determinant.
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Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary
E-mail: judit.kalman@uni-corvinus.hu
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