The real effects of the bank lending channel

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• dc.contributor.author Jiménez, Gabriel
• dc.contributor.author Mian, Atif
• dc.contributor.author Peydró, José-Luis
• dc.contributor.author Saurina, Jesús
• dc.date.accessioned 2019-04-10T08:18:33Z
• dc.date.available 2019-04-10T08:18:33Z
• dc.date.issued 2019
• dc.description.abstract This paper studies credit booms exploiting the Spanish matched credit register over 2001–2009. We extend Khwaja and Mian’s (2008) 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.description.sponsorship José-Luis Peydró acknowledges financial support from project ECO2015-68182-P (MINECO/FEDER, UE) and the European Research Council Grant (project 648398).
• dc.format.mimetype application/pdf
• dc.identifier.citation Jimenez G, Mian A, Peydró JL, Saurina J. The real effects of the bank lending channel. J Monet Econ. 2019 Jun 15;115:162-79. DOI: 10.1016/j.jmoneco.2019.06.002
• dc.identifier.doi http://dx.doi.org/10.1016/j.jmoneco.2019.06.002
• dc.identifier.issn 0304-3932
• dc.identifier.uri http://hdl.handle.net/10230/37077
• dc.language.iso eng
• dc.publisher Elsevier
• dc.relation.ispartof Journal of Monetary Economics. 2019 Jun 15;115:162-79.
• dc.relation.projectID info:eu-repo/grantAgreement/ES/1PE/ECO2015-68182-P
• dc.relation.projectID info:eu-repo/grantAgreement/EC/H2020/648398
• dc.rights Under a Creative Commons license https://creativecommons.org/licenses/by/4.0/
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.rights.uri https://creativecommons.org/licenses/by/4.0/
• dc.subject.keyword Bank lending channelen
• dc.subject.keyword Real effects of crediten
• dc.subject.keyword Credit supply boomsen
• dc.subject.keyword Real estateen
• dc.subject.keyword Securitizationen
• dc.title The real effects of the bank lending channel
• dc.type info:eu-repo/semantics/article
• dc.type.version info:eu-repo/semantics/publishedVersion