The Impact of Bank Consolidation on Credit Supply and Performance

• 成果类型: Article
• 署名作者: Mayordomo, Sergio; Pavanini, Nicola; Tarantino, Emanuele
• 署名单位: Banco de Espana; Tilburg University; Luiss Guido Carli University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454; 1465-7368
• DOI: 10.1093/rfs/hhaf107
• 发表日期: 2026-04
• 页码: 1077-1115
• 关键词: G21; G34; L22; mergers; INFORMATION; COMPETITION; MARKETS

摘要

Between 2009 and 2011, the Spanish banking system underwent a restructuring process based on savings banks' consolidation. The program's design allows us to study how banks' consolidation affects credit supply and performance. We propose a quasi-experimental analysis showing that bank mergers restrict credit supply and set higher interest rates but also reject fewer applicants and report fewer nonperforming loans. We then estimate a structural model of credit in which banks set interest rates and lending standards. We find that, despite the relaxation in their lending standards, merged banks' credit performance improved thanks to a significant drop in their screening costs.