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PhD Program

Noémie Pinardon-Touati, HEC PhD graduate in Finance, 2022, wins the 2022 EFA Best Paper by Young Researchers

Congratulations Noémie! 
The European Finance Association (EFA) awards HEC PhD graduate in Finance, Noémie Pinardon-Touati, the The Engelbert Dockner Memorial Prize for the Best Paper by Young Researchers her Job Market Paper.

Noémie joined a position at the Econ Department of Columbia University. 

Her research shows that local government debt crowds out corporate credit and investment. This crowding out effect significantly reduces the output multiplier of debt-financed local government spending.

Title: “The Crowding Out Effect of Local Government Debt: Micro- and Macro-Estimates” 

Abstract: Local government expenditures are increasingly financed by debt, mostly consisting of bank loans. I study the crowding out effect of these loans on corporate credit, investment, employment, and output, using French administrative data over 2006-2018. Exploiting plausibly exogenous variation in local government credit growth across banks, I show that when a local government borrows an additional €1 from a bank, this bank reduces corporate credit by €0.5, with significant effects on firm-level investment. Combining these reduced-form effects and a model, I show that crowding out reduces the output multiplier of debt-financed local government spending by 0.3. This is large compared to government spending multiplier estimates. Crowding out is driven by banks’ limited ability to expand their credit supply. These results show that constraints on financing supply reduce the stimulus effect of debt-financed government spending.


Noémie recently received another prestigious award, AQR Top Finance graduate award for the same job market paper: "The Crowding Out Effect of Local Government Debt: Micro- and Macro-Estimates research" and was also selected to participate in the REStud North American Tour 2022.  

Read her HEC PhD story here