| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13267 |
| DP13267 Burning Money? Government Lending in a Credit Crunch | |
| Gabriel Jiménez; José-Luis Peydró; Rafael Repullo; Jesús Saurina | |
| 发表日期 | 2018-10-20 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We analyze a small, new credit facility of a Spanish state-owned-bank during the crisis, using its continuous credit scoring system, firm-level scores, and credit register data. Compared to privately-owned banks, the state-owned bank faces worse applicants, softens (tightens) its credit supply to unobserved (observable) riskier firms, and has much higher defaults. In a regression discontinuity design, the supply of public credit causes: large positive real effects to financially-constrained firms (whose relationship banks reduced substantially credit supply); crowding-in of new private-bank credit; and positive spillovers to other firms. Private returns of the credit facility are negative, while social returns are positive. |
| 主题 | Financial Economics |
| 关键词 | Real effects of public credit Credit scoring Credit crunch Crowding-in Adverse selection State-owned banks |
| URL | https://cepr.org/publications/dp13267 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542076 |
| 推荐引用方式 GB/T 7714 | Gabriel Jiménez,José-Luis Peydró,Rafael Repullo,et al. DP13267 Burning Money? Government Lending in a Credit Crunch. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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