Cyclicality of credit supply: Firm level evidence

• 成果类型: Article
• 署名作者: Becker, Bo; Ivashina, Victoria
• 署名单位: Harvard University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2013.10.002
• 发表日期: 2014
• 页码: 76-93
• 关键词: banks; Financial markets and the macroeconomy; business cycles; Credit cycles

摘要

We quantify fluctuations in bank-loan supply in the time-series by studying firms substitution between loans and bonds using firm-level data. Any firm that raises new debt must have a positive demand for external funds. Conditional on the issuance of new debt, we interpret firms' switching from loans to bonds as a contraction in bank-credit supply. We find strong evidence of this substitution at times that are characterized by tight lending standards, depressed aggregate lending, poor bank performance, and tight monetary policy. We show that this substitution behavior has strong predictive power for bank borrowing and investments by small firms. (C) 2013 Elsevier B.V. All rights reserved.