| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16595 |
| 来源ID | Working Paper 16595 |
| Local Versus Aggregate Lending Channels: The Effects Of Securitization On Corporate Credit Supply In Spain | |
| Gabriel Jiménez; Atif R. Mian; José-Luis Peydró; Jesús Saurina | |
| 发表日期 | 2010-12-09 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | While banks may change their supply of credit due to bank balance sheet shocks (the local lending channel), firms can react by adjusting their sources of financing in equilibrium (the aggregate lending channel). We formalize a methodology for separately estimating these effects. We estimate the local and aggregate lending channel effects of the banks' ability to securitize real estate assets on non-real estate firms in Spain. We show that equilibrium dynamics nullify the strong local lending channel effect on credit quantity for firms with multiple banking relationships. However, credit terms for these firms become significantly more favorable due to securitization. Securitization also leads to an expansion in credit on the extensive margin towards first-time bank clients, and these borrowers are significantly more likely to end up in default. Finally, the 2008 collapse in securitization leads to a reversal in local lending channel. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w16595 |
| 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/574270 |
| 推荐引用方式 GB/T 7714 | Gabriel Jiménez,Atif R. Mian,José-Luis Peydró,et al. Local Versus Aggregate Lending Channels: The Effects Of Securitization On Corporate Credit Supply In Spain. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16595.pdf（422KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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