The real effects of the bank lending channel
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- dc.contributor.author Gabriel, Jiménez
- dc.contributor.author Mian, Atif
- dc.contributor.author Peydró, José-Luis
- dc.contributor.author Saurina, Jesus
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:10:09Z
- dc.date.available 2024-11-14T10:10:09Z
- dc.date.issued 2014-11-01
- dc.date.modified 2024-11-14T10:06:22Z
- dc.description.abstract We study bank credit booms, exploiting the Spanish matched credit register over 2001-2009. We extend Khwaja and Mian (2008) s loan-level estimator by incorporating firm-level general equilibrium adjustments. Higher ex-ante bank real-estate exposure increases credit supply to non-real-estate firms, but effects are neutralized by firm-level adjustments for firms with existing banking relationships. However, higher bank real-estate exposure increases risk-taking, by relaxing standards of existing borrowers (cheaper, longer-term and less collateralized credit), and by expanding credit on the extensive margin to first-time borrowers that default substantially more. Results suggest that the mechanism at work is greater liquidity via securitization of real-estate assets.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1653
- dc.identifier.citation Journal of Monetary Economics 115, 2020, pp.162-179
- dc.identifier.uri http://hdl.handle.net/10230/44777
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1653
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword bank lending channel
- dc.subject.keyword real effects of credit
- dc.subject.keyword credit supply booms
- dc.subject.keyword real estate
- dc.subject.keyword securitization.
- dc.title The real effects of the bank lending channel
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper