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 |
2019-03 |
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 |
Economics and Business Working Papers 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 |