No. 582 - Born in hard times: startup selection and intangible capital during the financial crisis

by Guzman Gonzalez-Torres, Francesco Manaresi and Filippo Scoccianti
November 2020
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The paper studies the effects of the credit crunch caused by the 2008-13 double-dip recession on firm selection, focusing on firm entry and exit as its main mechanism.

The financial crisis triggered a selection of entrants increasingly skewed towards those with higher intangible capital intensity. This explains a substantial portion of the rise in intangible capital intensity measured in the aggregate data. Additionally, it shaped a technological transition that persisted well into the subsequent expansion.

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  1. 13 November 2020
    No. 582 - Born in hard times: startup selection and intangible capital during the financial crisis
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