TY  - BOOK
AU  - Cai, Jing
AU  -  Szeidl, Adam
TI  - Indirect Effects of Access to Finance
SN  - 0002-8282
PB  - American Economic Review
KW  -  Capital and Ownership Structure
KW  -  Financial Risk and Risk Management
KW  -  Value of Firms
KW  - Financing Policy
N2  - We created experimental variation across markets in China in the share of firms having access to a new loan product. Access to finance had a large positive direct effect on the performance of treated firms but a similar-sized negative indirect effect on that of firms with treated competitors, leading to nondetectable gains in producer surplus. Access to finance had a positive direct effect on business quality and consumer satisfaction and a negative effect on price, which were not offset by indirect effects, implying net gains in consumer surplus. We document other indirect effects and combine effects in a welfare evaluation
UR  - https://www.aeaweb.org/articles?id=10.1257/aer.20220711
ER  -