During the Greek Depression, which saw a 22% decline in output, young firms and small firms experienced significantly steeper declines in sales growth compared to their mature and larger counterparts. This disparity was largely driven by adverse demand shocks and was further intensified by financing constraints, with significant interaction between these two factors amplifying the impact. Firm-level heterogeneity played a critical role in shaping macroeconomic outcomes, with the disproportionate impact on young firms and small firms accounting for approximately one-quarter of the total output decline during the crisis
Wednesday 28 May 2025, 2.30pm-4.00pm
Speaker: Plutachos Sakellaris, Professor of Economics and Finance, Athens University of Economics and Business
Venue: Yangtze Lecture Theatre, Centre Building, LSE
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