Michele Cascarano: Credit Supply and Green Investments (Online)
FBK-IRVAPP is pleased to invite you to the following seminar: Credit Supply and Green Investments
With the participation of Michele Cascarano, Regional Economic Research Division of the Bank of Italy (Trento Branch)
Language: the seminar is held in English.
Abstract: What is the role that credit supply plays in the climate transition process? We answer this question by looking at the effect of bank loans on green investments. We use textual algorithms to extract information on green investments from the comments to the financial statements of Italian firms between 2015 and 2019, and match this information with loan-level data from the Italian Credit Registry. Using an exogenous firm-specific time-varying measure of bank credit supply, we find that supply-driven credit provisions significantly increase firms’ likelihood to undertake green investments. This effect is more pronounced for financially constrained firms, and for firms operating in regions with high environmental consciousness.
The seminar will be held on the web conference platform Google meet.
Michele CascaranoSpeakerRegional Economic Research Division of the Bank of ItalyMichele Cascarano is an Economist at the Regional Economic Research Division of the Bank of Italy (Trento Branch). His research interests lie in applied microeconomics with focuses on financial intermediation and regional economics. He holds a Master's degree in Mathematics and a PhD in Economics from the University of Trento.
Registration to this event is mandatory.
Registration closed on 28/04/2022.