| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w12612
|
| 来源ID | Working Paper 12612
|
| Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market |
| Atif Mian; Asim Ijaz Khwaja
|
| 发表日期 | 2006-10-20
|
| 出版年 | 2006
|
| 语种 | 英语
|
| 摘要 | Do liquidity shocks matter? While even a simple `yes' or `no' presents identification challenges, going beyond this entails tracing how such shocks to lenders are passed on to borrowers, and whether borrowers can in turn cushion these shocks through the credit market. This paper does so by using data that follows all loans made by lenders to borrowing firms in Pakistan, and exploiting cross-bank variation in liquidity shocks induced by the unanticipated nuclear tests in 1998. We isolate the causal impact of the bank lending channel by showing that for the same firm borrowing from two different banks, its loan from the bank experiencing a 1% larger decline in liquidity drops by an additional 0.6%. The liquidity shock also lowers the probability of continued lending to old clients and extending credit to new ones. Although this lending channel affects all firms significantly, large firms and those with strong business and political ties completely compensate the effect by borrowing more from more liquid banks - both through existing and new banking relationships. In contrast, small unconnected firms are entirely unable to hedge and face large drops in overall borrowing and increased financial distress. The liquidity shocks thus have large distributional consequences. |
| 主题 | Macroeconomics
; Money and Interest Rates
; Monetary Policy
; Financial Economics
; Financial Institutions
; Corporate Finance
|
| URL | https://www.nber.org/papers/w12612
|
| 来源智库 | National Bureau of Economic Research (United States)
|
| 引用统计 |
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570274
|
推荐引用方式
GB/T 7714 |
Atif Mian,Asim Ijaz Khwaja. Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market. 2006.
|
|
文件名：
|
w12612.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
