| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22148 |
| 来源ID | Working Paper 22148 |
| The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles | |
| Efraim Benmelech; Ralf R. Meisenzahl; Rodney Ramcharan | |
| 发表日期 | 2016-04-11 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Illiquidity in short-term credit markets during the financial crisis might have severely curtailed the supply of non-bank consumer credit. Using a new data set linking every car sold in the United States to the credit supplier involved in each transaction, we find that the collapse of the asset-backed commercial paper market reduced the financing capacity of such non-bank lenders as captive leasing companies in the automobile industry. As a result, car sales in counties that traditionally depended on non-bank lenders declined sharply. Although other lenders increased their supply of credit, the net aggregate effect of illiquidity on car sales is large and negative. We conclude that the decline in auto sales during the financial crisis was caused in part by a credit supply shock driven by the illiquidity of the most important providers of consumer finance in the auto loan market. These results also imply that interventions aimed at arresting illiquidity in short-term credit markets might have helped to contain the real effects of the crisis. |
| 主题 | Financial Economics ; Financial Institutions ; Industrial Organization ; Industry Studies |
| URL | https://www.nber.org/papers/w22148 |
| 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/579822 |
| 推荐引用方式 GB/T 7714 | Efraim Benmelech,Ralf R. Meisenzahl,Rodney Ramcharan. The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles. 2016. |
| 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 | ||
| w22148.pdf（877KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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