Does Credit Crunch Investment Down? New Evidence on the Real Effects of the Bank-Lending Channel

被引：122
|
作者：
Cingano, Federico [1 ]
Manaresi, Francesco [1 ]
Sette, Enrico [1 ]
机构：
[1] Bank Italy, Rome, Italy
来源：
REVIEW OF FINANCIAL STUDIES | 2016年 / 29卷 / 10期
关键词：
E22; E44; G01; G21; G32; LIQUIDITY SHOCKS EVIDENCE; FIRM-LEVEL EVIDENCE; CORPORATE-INVESTMENT; CASH FLOW; MARKET; ASSET; TRANSMISSION; MANAGEMENT; CRISIS;
D O I：
10.1093/rfs/hhw040
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We quantify the real effects of the bank-lending channel exploiting the dramatic liquidity drought in interbank markets that followed the 2007 financial crisis as a source of variation in credit supply. Using a large sample of matched firm-bank data from Italy, we find had the interbank market not collapsed, investment expenditure would have been more than 20% higher and would have increased by around 30 cents per additional euro of available credit at the average firm. We also find that credit shocks affect the firm's value added, employment and input purchases, and propagate through firms' trade credit chains. (JEL E22, E44, G01, G21, G32)
引用
下载
收藏
页码：2737 / 2773
页数：37
相关论文
共 31 条
  • [21] What are the real effects of financial market liquidity? Evidence on bank lending from the euro area
    Dombret, Andreas R.
    Foos, Daniel
    Pliszka, Kamil
    Schulz, Alexander
    JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY, 2019, 62 : 152 - 183
  • [22] The effects of government capital and liquidity support programs on bank lending: Evidence from the syndicated corporate credit market
    Wu, Deming
    JOURNAL OF FINANCIAL STABILITY, 2015, 21 : 13 - 25
  • [23] Heterogeneous Bank Lending Responses to Monetary Policy: New Evidence from a Real-Time Identification
    Bluedorn, John C.
    Bowdler, Christopher
    Koch, Christoffer
    INTERNATIONAL JOURNAL OF CENTRAL BANKING, 2017, 13 (01): : 95 - 149
  • [24] Female leadership and bank risk-taking: Evidence from the effects of real estate shocks on bank lending performance and default risk
    Palvia, Ajay
    Vahamaa, Emilia
    Vahamaa, Sami
    JOURNAL OF BUSINESS RESEARCH, 2020, 117 : 897 - 909
  • [25] How does financial development change the effect of the bank lending channel of monetary policy in developing countries?- Evidence from China
    Li, Shuai
    Zhan, Shuwei
    Zhan, Shurui
    Zhan, Minghua
    INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2023, 85 : 502 - 519
  • [26] The real effects of asset market bubbles: Loan- and firm-level evidence of a lending channel
    Gan, Jie
    REVIEW OF FINANCIAL STUDIES, 2007, 20 (06): : 1941 - 1973
  • [27] The Bank Lending Channel of Monetary Policy and its Macroeconomic Effects: Evidence from a Sample of Selected Euro Area Countries
    Dajcman, Silvo
    INZINERINE EKONOMIKA-ENGINEERING ECONOMICS, 2016, 27 (02): : 124 - 133
  • [28] How do bank-specific characteristics affect lending? New evidence based on credit registry data from Latin America
    Cantu, Carlos
    Claessens, Stijn
    Gambacorta, Leonardo
    JOURNAL OF BANKING & FINANCE, 2022, 135
  • [29] U.S. COMMERCIAL BANK LENDING THROUGH 2008:Q4: NEW EVIDENCE FROM GROSS CREDIT FLOWS
    Contessi, Silvio
    Francis, Johanna L.
    ECONOMIC INQUIRY, 2013, 51 (01) : 428 - 444
  • [30] Impact of Monetary Policy on the Bank Lending Channel in Old EMU and New EU Countries: Evidence from Period 1999-2012
    Heryan, Tomas
    Matousek, Roman
    PROCEEDINGS OF THE 15TH INTERNATIONAL CONFERENCE ON FINANCE AND BANKING, 2016, : 116 - 127
1234