Burning money? Government lending in a credit crunch
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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 2019-03
- 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.ca
- 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.identifier.uri http://hdl.handle.net/10230/37103
- dc.language.iso catca
- dc.relation.ispartofseries Economics and Business Working Papers Series;1577
- 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/openAccessca
- dc.subject.keyword Real effects of public crediten
- dc.subject.keyword Credit scoringen
- dc.subject.keyword Credit crunchen
- dc.subject.keyword Crowding-inen
- dc.subject.keyword Adverse selectionen
- dc.subject.keyword State-owned banksen
- dc.title Burning money? Government lending in a credit crunchca
- dc.type info:eu-repo/semantics/workingPaperca