Interbank liquidity crunch and the firm credit crunch: evidence from the 2007-2009 crisis

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• dc.contributor.author Iyer, Rajkamal
• dc.contributor.author Lopes, Samuel
• dc.contributor.author Peydró, José-Luis
• dc.contributor.author Schoar, Antoinette
• dc.date.accessioned 2019-01-09T09:47:03Z
• dc.date.available 2019-01-09T09:47:03Z
• dc.date.issued 2014
• dc.description.abstract We study the credit supply effects of the unexpected freeze of the European interbank market, using exhaustive Portuguese loan-level data. We find that banks that rely more on interbank borrowing before the crisis decrease their credit supply more during the crisis. The credit supply reduction is stronger for firms that are smaller, with weaker banking relationships. Small firms cannot compensate the credit crunch with other sources of debt. Furthermore, the impact of illiquidity on the credit crunch is stronger for less solvent banks. Finally, there are no overall positive effects of central bank liquidity, but higher hoarding of liquidity.en
• dc.description.sponsorship Peydró acknowledges the financial support from project ECO2012-32434 of the Spanish Ministry of Economy and Competitiveness and also from the Spanish Ministry of Economy and Competitiveness through the Severo Ochoa Programme for Centres of Excellence in R&D (SEV-2011-0075).
• dc.format.mimetype application/pdf
• dc.identifier.citation Iyer R, Lopes S, Peydró JL, Schoar A. Interbank liquidity crunch and the firm credit crunch: evidence from the 2007-2009 crisis. Rev Financ Stud. 2014 Jan 1;27(1):347-72. DOI: 10.1093/rfs/hht056
• dc.identifier.doi http://dx.doi.org/10.1093/rfs/hht056
• dc.identifier.issn 0893-9454
• dc.identifier.uri http://hdl.handle.net/10230/36226
• dc.language.iso eng
• dc.publisher Oxford University Press
• dc.relation.ispartof The Review of Financial Studies. 2014 Jan 1;27(1):347-72.
• dc.relation.projectID info:eu-repo/grantAgreement/ES/3PN/ECO2012-32434
• dc.rights © Oxford University Press. This is a pre-copyedited, author-produced version of an article accepted for publication in The Review of Financial Studies following peer review. The version of record Iyer R, Lopes S, Peydró JL, Schoar A. Interbank liquidity crunch and the firm credit crunch: evidence from the 2007-2009 crisis. Rev Financ Stud. 2014 Jan 1;27(1):347-72 is available online at: http://dx.doi.org/10.1093/rfs/hht056
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.subject.keyword Credit crunch
• dc.subject.keyword Banking crisis
• dc.subject.keyword Interbank markets
• dc.subject.keyword Access to credit
• dc.subject.keyword Flight to quality
• dc.subject.keyword Lender of last resort
• dc.subject.keyword Liquidity hoarding
• dc.title Interbank liquidity crunch and the firm credit crunch: evidence from the 2007-2009 crisis
• dc.type info:eu-repo/semantics/article
• dc.type.version info:eu-repo/semantics/acceptedVersion