Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans

被引：171

作者：

Acharya, Viral V. ^{[1
]}

Eisert, Tim ^{[2
]}

Eufinger, Christian ^{[3
]}

Hirsch, Christian ^{[4
]}

机构：

[1] Reserve Bank India, Bombay, Maharashtra, India

[2] Erasmus Univ, Rotterdam, Netherlands

[3] IESE Business Sch, Barcelona, Spain

[4] Deutsch Bundesbank, Frankfurt, Germany

来源：

REVIEW OF FINANCIAL STUDIES | 2018年 / 31卷 / 08期

关键词：

SHOCKS;

D O I：

10.1093/rfs/hhy045

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We explore the causes of the credit crunch during the European sovereign debt crisis and its impact on the corporate policies of European firms. Our results show that value impairment in banks' exposures to sovereign debt and the risk-shifting behavior of weakly capitalized banks reduced the probability of firms being granted new syndicated loans by up to 53%. This lending contraction depressed investment, employment, and sales growth of firms affiliated with affected banks. Our estimates based on firm-level data suggest that the credit crunch explains between 44% and 66% of the overall negative real effects suffered by European firms.

引用

页码：2855 / 2896

页数：42

共 36 条

[1] A Pyrrhic Victory? Bank Bailouts and Sovereign Credit Risk [J].