Exporting Liquidity: Branch Banking and Financial Integration

• 成果类型: Article
• 署名作者: Gilje, Erik P.; Loutskina, Elena; Strahan, Philip E.
• 署名单位: University of Pennsylvania; University of Virginia; Boston College; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12387
• 发表日期: 2016
• 页码: 1159-1183
• 关键词: international transmission; shocks evidence; credit; securitization; deregulation; COMPETITION; distance; BEHAVIOR; IMPACT

摘要

Using exogenous liquidity windfalls from oil and natural gas shale discoveries, we demonstrate that bank branch networks help integrate U.S. lending markets. Banks exposed to shale booms enjoy liquidity inflows, which increase their capacity to originate and hold new loans. Exposed banks increase mortgage lending in nonboom counties, but only where they have branches and only for hard-to-securitize mortgages. Our findings suggest that contracting frictions limit the ability of arm's length finance to integrate credit markets fully. Branch networks continue to play an important role in financial integration, despite the development of securitization markets.