In column (2) shows the relation between value-added growth and liquidity needs. In line with the results in column (1) we find that industries with higher liquidity needs exhibit a larger reduction in value-added growth since the onset of the crisis than industries with smaller liquidity needs.
In column (3) and (4) we add an interaction with financial market structure for the two indicators of long-term and shortterm dependence separately. In column (5) we include all variables.