Cyclicality of credit supply: Firm level evidence

被引：218

作者：

Becker, Bo ^{[1
,2
]}

Ivashina, Victoria ^{[1
,2
]}

机构：

[1] Harvard Univ, Cambridge, MA 02138 USA

[2] NBER, Cambridge, MA 02138 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2014年 / 62卷

关键词：

Banks; Financial markets and the macroeconomy; Business cycles; Credit cycles; EXTERNAL FINANCE; MONETARY-POLICY; CHOICE; REPUTATION; CRISIS; BANKS; COSTS;

D O I：

10.1016/j.jmoneco.2013.10.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We quantify fluctuations in bank-loan supply in the time-series by studying firms substitution between loans and bonds using firm-level data. Any firm that raises new debt must have a positive demand for external funds. Conditional on the issuance of new debt, we interpret firms' switching from loans to bonds as a contraction in bank-credit supply. We find strong evidence of this substitution at times that are characterized by tight lending standards, depressed aggregate lending, poor bank performance, and tight monetary policy. We show that this substitution behavior has strong predictive power for bank borrowing and investments by small firms. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：76 / 93

页数：18

共 31 条

[1] Are banks really special? New evidence from the FDIC-induced failure of healthy banks [J].