دورية أكاديمية
The Real Effects of the Bank Lending Channel
| العنوان: | The Real Effects of the Bank Lending Channel |
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| المؤلفون: | Jiménez, Gabriel, Mian, Atif, Peydró, José-Luis, Saurina, Jesús |
| بيانات النشر: | Elsevier |
| سنة النشر: | 2020 |
| مصطلحات موضوعية: | ddc:330, E32, E44, G01, G21, G28, bank lending channel, real effects of credit, credit supply booms, real estate, securitization, manag, eco |
| الوصف: | We study bank credit booms, exploiting the Spanish matched credit register over 2001-2009. We extend Khwaja and Mian (2008)’s 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 |
| نوع الوثيقة: | article in journal/newspaper |
| اللغة: | English |
| تدمد: | 0304-3932 |
| العلاقة: | Journal: Journal of Monetary Economics; Volume: 115; Year: 2020; Pages: 162-179; Amsterdam: Elsevier; RePEc:zbw:espost:216805; http://hdl.handle.net/10419/216805Test |
| DOI: | 10.1016/j.jmoneco.2019.06.002 |
| الإتاحة: | https://doi.org/10.1016/j.jmoneco.2019.06.002Test http://hdl.handle.net/10419/216805Test |
| حقوق: | undefined ; lic_creative-commons |
| رقم الانضمام: | edsbas.ABE55B25 |
| قاعدة البيانات: | BASE |
| تدمد: | 03043932 |
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| DOI: | 10.1016/j.jmoneco.2019.06.002 |