| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9662 |
| DP9662 Relationship and Transaction Lending in a Crisis | |
| Xavier Freixas; Patrick Bolton; Paolo Emilio Mistrulli; Leonardo Gambacorta | |
| 发表日期 | 2013-09-22 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We study how relationship lending and transaction lending vary over the business cycle. We develop a model in which relationship banks gather information on their borrowers, which allows them to provide loans for profitable firms during a crisis. Due to the services they provide, operating costs of relationship-banks are higher than those of transaction-banks. In our model, where relationship-banks compete with transaction-banks, a key result is that relationship-banks charge a higher intermediation spread in normal times, but offer continuation-lending at more favorable terms than transaction banks to profitable firms in a crisis. Using detailed credit register information for Italian banks before and after the Lehman Brothers' default, we are able to study how relationship and transaction-banks responded to the crisis and we test existing theories of relationship banking. Our empirical analysis confirms the basic prediction of the model that relationship banks charged a higher spread before the crisis, offered more favorable continuation-lending terms in response to the crisis, and suffered fewer defaults, thus confirming the informational advantage of relationship banking. |
| 主题 | Financial Economics |
| 关键词 | Relationship banking Transaction banking Crisis |
| URL | https://cepr.org/publications/dp9662 |
| 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/538498 |
| 推荐引用方式 GB/T 7714 | Xavier Freixas,Patrick Bolton,Paolo Emilio Mistrulli,et al. DP9662 Relationship and Transaction Lending in a Crisis. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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