Corporate investment and bank-dependent borrowers during the recent financial crisis

被引：23

作者：

Buca, Andra ^{[1
]}

Vermeulen, Philip ^{[2
]}

机构：

[1] European Cent Bank, Financial Stabil Surveillance, DG Macroprudential Policy & Financial Stabil, Frankfurt, Germany

[2] European Cent Bank, DG Res, Monetary Policy Res Div, D-60640 Frankfurt, Germany

来源：

JOURNAL OF BANKING & FINANCE | 2017年 / 78卷

关键词：

Corporate investment; Financial crisis; Credit crunch;

D O I：

10.1016/j.jbankfin.2017.02.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We use the recent financial crisis period to analyse the effect of bank credit tightening on firm investment. We derive a new set of credit tightening indexes from the ECB Bank Lending Survey. Combining these with annual balance sheet data from Germany, France, Italy, Spain, Belgium and Portugal, we exploit the heterogeneity in the dependence on bank finance of different industries to identify real effects of credit tightening. We show that in response to tightening, investment falls substantially more in bank dependent industries. (C) 2017 Elsevier B.V. All rights reserved.

引用

页码：164 / 180

页数：17

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