全球智库信息集成服务系统(G2TT): DP15276 Credit demand vs. supply channels: Experimental- and administrative-based evidence

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP15276
	DP15276 Credit demand vs. supply channels: Experimental- and administrative-based evidence
	José-Luis Peydró; Enrico Sette; Valentina Michelangeli
发表日期	2020-09-10
出版年	2020
语种	英语
摘要	This paper identifies and quantifies –for the first time– the relative importance of borrower (credit demand) versus bank (supply) balance-sheet channels. We submit fictitious applications (varying households’ characteristics) to the major Italian online-mortgage platform. In this way we ensure that all banks receive exactly the same mortgage applications, and that –for each application– there are other identical ones except for one borrower-level characteristic. We find that: (i) Borrower and bank channels are equally strong in causing (and explaining) loan acceptance (each channel changes acceptance by 50 p.p. for the interquartile range and explains 29% of R-square). (ii) Differently, for pricing, borrower factors are much stronger. (iii) Banks supplying less credit accept riskier borrowers. Finally –exploiting administrative credit register data– we document borrower-lender assortative matching: safer banks have more credit relations with safer firms. Moreover, the measure of credit supply estimated in the experiment (differently from a very similar measure estimated from the observational mortgage data) determines bank credit supply to firms and risk-taking in administrative data.
主题	International Macroeconomics and Finance
关键词	Credit demand Credit supply Bank lending channel Household balance sheet channel Mortgages Smes Risk-taking
URL	https://cepr.org/publications/dp15276
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/544251
推荐引用方式 GB/T 7714	José-Luis Peydró,Enrico Sette,Valentina Michelangeli. DP15276 Credit demand vs. supply channels: Experimental- and administrative-based evidence. 2020.