全球智库信息集成服务系统(G2TT): How Much do Idiosyncratic Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w18890
来源ID	Working Paper 18890
	How Much do Idiosyncratic Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data
	Mary Amiti; David E. Weinstein
发表日期	2013-03-14
出版年	2013
语种	英语
摘要	We show that supply-side financial shocks have a large impact on firms' investment. We develop a new methodology to separate firm-borrowing shocks from bank-supply shocks using a vast sample of matched bank-firm lending data. We decompose aggregate loan movements in Japan for the period 1990 to 2010 into bank, firm, industry, and common shocks. The high degree of financial institution concentration means that individual banks are large relative to the size of the economy, which creates a role for granular shocks as in Gabaix (2011). We show that idiosyncratic granular bank-supply shocks explain 30-40 percent of aggregate loan and investment fluctuations.
主题	Macroeconomics ; Money and Interest Rates ; Financial Economics ; Financial Institutions ; Corporate Finance
URL	https://www.nber.org/papers/w18890
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/576565
推荐引用方式 GB/T 7714	Mary Amiti,David E. Weinstein. How Much do Idiosyncratic Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data. 2013.