| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9400 |
| DP9400 How Much do Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data | |
| David Weinstein; Mary Amiti | |
| 发表日期 | 2013-03-24 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We show that supply-side financial shocks have a large impact on firms? investment. We do this by developing a new methodology to separate firm credit shocks from loan supply shocks using a vast sample of matched bank-firm lending data. We decompose loan movements in Japan for the period 1990 to 2010 into bank, firm, industry, and common shocks. The high degree of financial institution concentration means that individual banks are large relative to the size of the economy, which creates a role for granular shocks as in Gabaix (2011). As a result, idiosyncratic bank shocks i.e., movements in bank loan supply net of borrower characteristics and general credit conditions can have large impacts on aggregate loan supply and investment. We show that these idiosyncratic bank shocks explain 40 percent of aggregate loan and investment fluctuations. |
| 主题 | Financial Economics |
| 关键词 | Credit constraints Financial markets Granular shock |
| URL | https://cepr.org/publications/dp9400 |
| 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/538236 |
| 推荐引用方式 GB/T 7714 | David Weinstein,Mary Amiti. DP9400 How Much do Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data. 2013. |
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