Banking crises, financial dependence, and growth

• 成果类型: Article
• 署名作者: Kroszner, Randall S.; Laeven, Luc; Klingebiel, Daniela
• 署名单位: International Monetary Fund; Federal Reserve System - USA; Federal Reserve System Board of Governors; Centre for Economic Policy Research - UK; The World Bank
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2006.05.001
• 发表日期: 2007
• 页码: 187-228
• 关键词: banking and financial crises; financing constraints; financial development; Credit channel

摘要

This paper contributes to the literature that analyzes the mechanisms linking financial shocks and real activity. In particular, we investigate the growth impact of banking crises on industries with different levels of dependence on external finance. If banks are the key institutions allowing credit constraints to be relaxed, then a sudden loss of these intermediaries in a system in which such intermediaries are important should have a disproportionately contractionary impact on the sectors that flourished due to their reliance on banks. Using data from 38 developed and developing countries that experienced financial crises during the last quarter century, we find that those sectors that are highly dependent on external finance tend to experience a substantially greater contraction of value added during a banking crisis in countries with deeper financial systems than in countries with shallower financial systems. Our results do not suggest, however, that on net the externally dependent firms fare worse in deep financial systems. (c) 2006 Elsevier B.V. All rights reserved.