The real effects of the bank lending channel
| Autor: | Jesús Saurina, Atif Mian, José-Luis Peydró, Gabriel Jiménez |
|---|---|
| Přispěvatelé: | Universitat Pompeu Fabra. Departament d'Economia i Empresa |
| Jazyk: | angličtina |
| Rok vydání: | 2019 |
| Předmět: |
G28
Economics and Econometrics Real effects of credit MONETARY-POLICY General equilibrium theory Credit supply booms Economics real estate Social Sciences 1401 Economic Theory Real estate Securitization Monetary economics LIQUIDITY SHOCKS EVIDENCE Boom CREDIT Margin (finance) Business & Economics 0502 economics and business ddc:330 credit supply booms 1403 Econometrics 050207 economics Bank lending channel CRISIS 1402 Applied Economics 050205 econometrics E32 RISK Collateralized debt obligation 05 social sciences real effects of credit BOOMS Business Finance Market liquidity Work (electrical) 8. Economic growth E44 G21 bank lending channel G01 Finance securitization |
| Zdroj: | Journal of Monetary Economics Repositorio Digital de la UPF Universitat Pompeu Fabra Recercat. Dipósit de la Recerca de Catalunya instname |
| Popis: | Data de publicació electrònica: 15-06-2019 This paper studies credit booms exploiting the Spanish matched credit register over 2001–2009. We extend Khwaja and Mian’s (2008) loan-level estimator by incorporating firm-level general equilibrium adjustments. Higher ex-ante bank real-estate exposure increases credit supply to non-real-estate firms, but effects are neutralized by firm-level adjustments for firms with existing banking relationships. However, higher bank real-estate exposure increases risk-taking, by relaxing standards of existing borrowers (cheaper, longer-term and less collateralized credit), and by expanding credit on the extensive margin to first-time borrowers that default substantially more. Results suggest that the mechanism at work is greater liquidity via securitization of real-estate assets. José-Luis Peydró acknowledges financial support from project ECO2015-68182-P (MINECO/FEDER, UE) and the European Research Council Grant (project 648398). |
| Databáze: | OpenAIRE |
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