Interbank Liquidity Crunch and the Firm Credit Crunch: Evidence from the 2007-2009 Crisis

被引：204

作者：

Iyer, Rajkamal ^{[1
]}

Peydro, Jose-Luis ^{[2
,3
]}

da-Rocha-Lopes, Samuel ^{[4
]}

Schoar, Antoinette ^{[1
,5
]}

机构：

[1] MIT, Cambridge, MA 02139 USA

[2] Univ Pompeu Fabra, ICREA, Barcelona GSE, Cass Business Sch, Barcelona, Spain

[3] CEPR, Washington, DC USA

[4] Banco Portugal, Nova Sch Business & Econ, European Banking Author, Lisbon, Portugal

[5] NBER, Cambridge, MA 02138 USA

来源：

REVIEW OF FINANCIAL STUDIES | 2014年 / 27卷 / 01期

关键词：

BACKED COMMERCIAL PAPER; FINANCIAL CRISIS; GREAT-DEPRESSION; EMERGING MARKET; MONETARY-POLICY; SHOCKS EVIDENCE; BANKS; TRANSMISSION; QUALITY; LESSONS;

D O I：

10.1093/rfs/hht056

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study the credit supply effects of the unexpected freeze of the European interbank market, using exhaustive Portuguese loan-level data. We find that banks that rely more on interbank borrowing before the crisis decrease their credit supply more during the crisis. The credit supply reduction is stronger for firms that are smaller, with weaker banking relationships. Small firms cannot compensate the credit crunch with other sources of debt. Furthermore, the impact of illiquidity on the credit crunch is stronger for less solvent banks. Finally, we find no overall positive effects of central bank liquidity but instead higher hoarding of liquidity.

引用

页码：347 / 372

页数：26

共 38 条

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