The paper "Financing Constraints and Unemployment: Evidence from the Great Recession" by Burcu Duygan-Bump, Alexey Levkov, and Judit Montoriol has been mentioned in the Report of the Council of Economic Advisors within the Economic Report of the President 2012 of the United States of America.
In page 68 of the Report: "The credit-contraction hypothesis has been used to explain the steeper loss of employment in small firms. Until recently, however, the literature from the recent financial crisis has largely been unable to disentangle the contributions of credit-supply and aggregate-demand conditions. Duygan-Bump, Levkov, and Montoriol-Garriga (2011) use data from the Current Population Survey, Compustat, and the National Survey of Small Business Finances to separate the contributions of these two factors. They find that, as in previous recessions involving banking crises, following the crisis of 2007–09, the likelihood of becoming unemployed was greater in sectors that were more dependent on external finance. Further, among firms highly dependent on banks for financing, the likelihood that an employee will become unemployed is greater in small firms (defined as those with 99 or fewer employees). The authors do not observe such a divergence in unemployment incidence in firms with low dependence on external finance."