G2TT
来源类型Discussion paper
规范类型论文
来源IDDP13691
DP13691 Small Firms and Domestic Bank Dependence in Europe's Great Recession
Mathias Hoffmann; Egor Maslov; Bent E Sørensen
发表日期2019-04-23
出版年2019
语种英语
摘要After the inception of the euro, the real economy in most member countries remained dependent on credit by domestic banks, which increasingly funded themselves through cross-border interbank funding. We find that this pattern of `double-decker' banking integration exposed domestic banks to sharp declines in cross-border interbank lending during the eurozone crisis. As a result, domestic banks reduced lending which led to large declines in output in sectors with many small (bank-dependent) firms. We propose a quantitative small open economy model to account for these patterns and conclude that a global banking shock leading to a sudden stop in cross-border interbank lending in the eurozone is required to account for them.
主题International Macroeconomics and Finance
关键词Small and medium enterprises Sme access to finance Banking integration Domestic bank dependence Interbank dependence International transmission Eurozone crisis
URLhttps://cepr.org/publications/dp13691-1
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/542551
推荐引用方式
GB/T 7714
Mathias Hoffmann,Egor Maslov,Bent E Sørensen. DP13691 Small Firms and Domestic Bank Dependence in Europe's Great Recession. 2019.
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