Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market

被引：593
|
作者：
Khwaja, Asim Ijaz [1 ]
Mian, Atif [2 ,3 ]
机构：
[1] Harvard Univ, JFK Sch Govt, Cambridge, MA 02138 USA
[2] Univ Chicago, Grad Sch Business, Chicago, IL 60637 USA
[3] NBER, Cambridge, MA 02138 USA
来源：
AMERICAN ECONOMIC REVIEW | 2008年 / 98卷 / 04期
关键词：
D O I：
10.1257/aer.98.4.1413
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We examine the impact of liquidity shocks by exploiting cross-bank liquidity variation induced by unanticipated nuclear tests in Pakistan. We show that for the same firm borrowing from two different banks, its loan from the bank experiencing a 1 percent larger decline in liquidity drops by an additional 0.6 percent. While banks pass their liquidity shocks on to firms, large firms-particularly those with strong business or political ties-completely compensate this loss by additional borrowing through the credit market. Small firms are unable to do so and face large drops in overall borrowing and increased financial distress.
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页码：1413 / 1442
页数：30
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