Gabriel, JiménezMian, AtifPeydró, José-LuisSaurina, JesusUniversitat Pompeu Fabra. Departament d'Economia i Empresa2024-11-142024-11-142014-11-01Journal of Monetary Economics 115, 2020, pp.162-179http://hdl.handle.net/10230/44777We 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.application/pdfengL'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative CommonsThe real effects of the bank lending channel<resourceType xmlns="http://datacite.org/schema/kernel-3" resourceTypeGeneral="Other">info:eu-repo/semantics/workingPaper</resourceType><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">bank lending channel</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">real effects of credit</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">credit supply booms</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">real estate</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">securitization.</subject><rights xmlns="http://datacite.org/schema/kernel-3">info:eu-repo/semantics/openAccess</rights>