Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans

• 成果类型: Article
• 署名作者: Acharya, Viral V.; Eisert, Tim; Eufinger, Christian; Hirsch, Christian
• 署名单位: Reserve Bank of India; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Navarra; IESE Business School; Deutsche Bundesbank
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhy045
• 发表日期: 2018
• 页码: 2855
• 关键词: shocks

摘要

We explore the causes of the credit crunch during the European sovereign debt crisis and its impact on the corporate policies of European firms. Our results show that value impairment in banks' exposures to sovereign debt and the risk-shifting behavior of weakly capitalized banks reduced the probability of firms being granted new syndicated loans by up to 53%. This lending contraction depressed investment, employment, and sales growth of firms affiliated with affected banks. Our estimates based on firm-level data suggest that the credit crunch explains between 44% and 66% of the overall negative real effects suffered by European firms.