The real effects of the bank lending channel

• 成果类型: Article
• 署名作者: Jimenez, Gabriel; Mian, Atif; Peydro, Jose-Luis; Saurina, Jesus
• 署名单位: Pompeu Fabra University; Banco de Espana; Princeton University; National Bureau of Economic Research; ICREA; Pompeu Fabra University; Barcelona School of Economics; Centre de Recerca en Economia Internacional (CREI); Imperial College London; Centre for Economic Policy Research - UK
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2019.06.002
• 发表日期: 2020
• 页码: 162-179
• 关键词: Bank lending channel; Real effects of credit; Credit supply booms; Real estate; securitization

摘要

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. (c) 2020 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/)