Local financial capacity and asset values: Evidence from bank failures

被引：10

作者：

Rajan, Raghuram ^{[1
,2
]}

Ramcharan, Rodney ^{[3
,4
]}

机构：

[1] Univ Chicago, Booth Sch Business, Chicago, IL 60637 USA

[2] Reserve Bank India, New York, NY USA

[3] Univ So Calif, Price Sch Publ Policy, 650 Childs Way, Los Angeles, CA 90089 USA

[4] Univ So Calif, Marshall Sch Business, 650 Childs Way, Los Angeles, CA 90089 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2016年 / 120卷 / 02期

基金：

美国国家科学基金会;

关键词：

Financial crises; Banks; Fire-sales; FIRE SALES; LIQUIDATION VALUES; GREAT-DEPRESSION; UNITED-STATES; LIQUIDITY; PRICES; CRISIS; VOLATILITY; FRAGILITY; 1920S;

D O I：

10.1016/j.jfineco.2015.01.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using differences in regulation as a means of identification, we find that a reduction in local financial intermediation capacity reduces the recovery rates on assets of failing banks. It also depresses local land prices and is associated with subsequent distress in nearby banks. Fire sales appear to be one channel through which lower local intermediation capacity reduces the recovery rates on failed banks' assets. The paper provides a rationale for why bank failures are contagious, and why the value of specialized financial assets could depend on the size of the intermediary market that is available to buy it. (C) 2016 Elsevier B.V. All rights reserved.

引用

页码：229 / 251

页数：23

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