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dc.contributor.author Jiménez, Gabriel
dc.contributor.author Peydró, José-Luis
dc.contributor.author Repullo, Rafael
dc.contributor.author Saurina, Jesús
dc.date.accessioned 2019-04-12T08:53:50Z
dc.date.available 2019-04-12T08:53:50Z
dc.date.issued 2018
dc.identifier.uri http://hdl.handle.net/10230/37103
dc.description.abstract We analyze a small, new credit facility of a Spanish state-owned-bank during the crisis, using its continuous credit scoring system, firm-level scores, and credit register data. Compared to privately-owned banks, the state-owned bank faces worse applicants, softens (tightens) its credit supply to unobserved (observable) riskier firms, and has much higher defaults. In a regression discontinuity design, the supply of public credit causes: large positive real effects to financially-constrained firms (whose relationship banks reduced substantially credit supply); crowding-in of new private-bank credit; and positive spillovers to other firms. Private returns of the credit facility are negative, while social returns are positive.
dc.description.sponsorship Financial support from the Spanish Ministry of Science, Innovation and Universities, Grants No ECO2015-68136-P (Peydró) and ECO2014-59262-P (Repullo), and from the European Research Council, Grant No. 648398 (Peydró), is gratefully acknowledged.
dc.format.mimetype application/pdf
dc.language.iso cat
dc.relation.ispartofseries Economic Working Paper Series;1577
dc.title Burning money? Government lending in a credit crunch
dc.type info:eu-repo/semantics/workingPaper
dc.subject.keyword Real effects of public credit
dc.subject.keyword Credit scoring
dc.subject.keyword Credit crunch
dc.subject.keyword Crowding-in
dc.subject.keyword Adverse selection
dc.subject.keyword State-owned banks
dc.relation.projectID info:eu-repo/grantAgreement/ES/1PE/ECO2015-68136-P
dc.relation.projectID info:eu-repo/grantAgreement/ES/1PE/ECO2014-59262-P
dc.relation.projectID info:eu-repo/grantAgreement/EC/H2020/648398
dc.rights.accessRights info:eu-repo/semantics/openAccess


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