Tracing out capital flows: How financially integrated banks respond to natural disasters
成果类型：
Article
署名作者：
Cortes, Kristle Romero; Strahan, Philip E.
署名单位：
Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Boston College; National Bureau of Economic Research
刊物名称：
JOURNAL OF FINANCIAL ECONOMICS
ISSN/ISSBN：
0304-405X
DOI：
10.1016/j.jfineco.2017.04.011
发表日期：
2017
页码：
182-199
关键词：
摘要：
Multi-market banks reallocate capital when local credit demand increases after natural disasters. Using property damage as an instrument for lending growth, we find credit in unaffected but connected markets declines by a little less than 50 cents per dollar of additional lending in shocked areas. However, banks shield their core markets because most of the decline comes from loans in areas where banks do not own branches. Moreover, banks increase sales of more-liquid loans and they bid up the rate on deposits in the connected markets. These actions help lessen the impact of the demand shock on credit supply. (C) 2017 Elsevier B.V. All rights reserved.