Stress tests and small business lending

• 成果类型: Article
• 署名作者: Cortes, Kristle R.; Demyanyk, Yuliya; Li, Lei; Loutskina, Elena; Strahan, Philip E.
• 署名单位: University of New South Wales Sydney; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Federal Reserve System - USA; University of Virginia; Boston College; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2019.08.008
• 发表日期: 2020
• 页码: 260-279
• 关键词: STRESS TESTS; Small business lending; Financial crisis

摘要

Post-crisis stress tests have altered banks' credit supply to small business. Banks most affected by stress tests reallocate credit away from riskier markets and toward safer ones. They also raise interest rates on small loans. Quantities fall most in high-risk markets where stress-tested banks own no branches, and prices rise mainly where they do. The results suggest that banks price the stress-test induced increase in capital requirements where they have local knowledge, and exit where they do not. Stress tests do not, however, reduce aggregate credit. Small banks seem to increase their share in geographies formerly reliant on stress-tested lenders. (C) 2019 Elsevier B.V. All rights reserved.