| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7466 |
| DP7466 Cross-Country Causes and Consequences of the 2008 Crisis: International Linkages and American Exposure | |
| Andrew Rose; Mark Spiegel | |
| 发表日期 | 2009-09-20 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | Exploiting the Japanese banking crisis as a laboratory, we provide firm-level evidence on the real effects of bank bailouts. Government recapitalizations result in positive abnormal returns for the clients of recapitalized banks. After recapitalizations, banks extend larger loans to their clients and some firms increase investment, but do not create more jobs than comparable firms. Most importantly, recapitalizations allow banks to extend larger loans to low and high quality firms alike, and low quality firms experience higher abnormal returns than other firms. Interestingly, recapitalizations by private investors have similar effects. Moreover, bank mergers engineered to enhance bank stability appear to hurt the borrowers of the sounder banks involved in the mergers. |
| 主题 | Financial Economics |
| 关键词 | Recapitalization Merger Banking crisis |
| URL | https://cepr.org/publications/dp7466 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536286 |
| 推荐引用方式 GB/T 7714 | Andrew Rose,Mark Spiegel. DP7466 Cross-Country Causes and Consequences of the 2008 Crisis: International Linkages and American Exposure. 2009. |
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