Cross-border banking, credit access, and the financial crisis

• 成果类型: Article
• 署名作者: Popov, Alexander; Udell, Gregory F.
• 署名单位: European Central Bank; Indiana University System; Indiana University Bloomington
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2012.01.008
• 发表日期: 2012
• 页码: 147-161
• 关键词: FINANCIAL CRISIS; Bank lending channel; Business lending

摘要

We study the sensitivity of credit supply to bank financial conditions in 16 emerging European countries before and during the financial crisis. We use survey data on 10,701 applicant and non-applicant firms that enable us to disentangle effects driven by positive and negative shocks to the banking system from demand shocks that may vary across lenders. We find strong evidence that firms' access to credit was affected by changes in the financial conditions of their banks. During the crisis firms were more credit constrained if they were dealing with banks that experienced a decline in equity and Tier 1 capital, as well as losses on financial assets. We also find that access to credit reflects the balance sheet conditions of foreign parent banks. The effect of positive and negative shocks to a bank is greater for riskier firms and firms with fewer tangible assets. (C) 2012 Elsevier B.V. All rights reserved.