| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23879 |
| 来源ID | Working Paper 23879 |
| The Loan Covenant Channel: How Bank Health Transmits to the Real Economy | |
| Gabriel Chodorow-Reich; Antonio Falato | |
| 发表日期 | 2017-10-02 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We document the importance of covenant violations in transmitting bank health to non-financial firms using a new supervisory data set of bank loans. Roughly one-third of loans in our data breach a covenant during the 2008-09 period, providing lenders the opportunity to force a renegotiation of loan terms or to accelerate repayment of otherwise long-term credit. Lenders in worse health are more likely to force a reduction in the loan commitment following a violation. The reduction in credit to borrowers who violate a covenant accounts for the majority of the cross-sectional variation in credit supply during the 2008-09 crisis. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w23879 |
| 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/581551 |
| 推荐引用方式 GB/T 7714 | Gabriel Chodorow-Reich,Antonio Falato. The Loan Covenant Channel: How Bank Health Transmits to the Real Economy. 2017. |
| 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 | ||
| w23879.pdf（704KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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