作者：Herkenhoff, Kyle; Phillips, Gordon; Cohen-Cole, Ethan
作者：Lee, Hyunju; Lee, Sunyoung; Paluszynski, Radoslaw
作者单位：University of Houston System; University of Houston; Seoul National University (SNU)
摘要：This article studies the effects of higher bank capital requirements. Using new firm-lender matched credit data from South Korea, we document that Basel III coincided with a 25% decline in credit from regulated banks, and an increase of similar magnitude from non-bank (shadow) lenders. We use our data to estimate the effect of capital requirements on bank credit, and the spillover effect of the reform on non-bank lending. We then build a general equilibrium model with heterogeneous banks and f...
