| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28842 |
| 来源ID | Working Paper 28842 |
| Sorting Out the Real Effects of Credit Supply | |
| Briana Chang; Matthieu Gomez; Harrison Hong | |
| 发表日期 | 2021-05-24 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We document that banks which cut lending more during the Great Recession were lending to riskier firms. To explain this evidence, we build a competitive matching model of bank-firm relationships in which risky firms borrow from banks with low holding costs. Based on default probabilities and equilibrium loan rates, we use our sorting model to recover the latent bank holding cost distribution. The measure of banks with low holding costs dropped during the Great Recession. This credit supply shift conservatively accounted for around 50% of the decline in corporate loans over this period. Our attribution cannot be captured by panel regression estimates from the bank lending channel literature. |
| 主题 | Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w28842 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586516 |
| 推荐引用方式 GB/T 7714 | Briana Chang,Matthieu Gomez,Harrison Hong. Sorting Out the Real Effects of Credit Supply. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28842.pdf（521KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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