| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25196 |
| 来源ID | Working Paper 25196 |
| Going the Extra Mile: Distant Lending and Credit Cycles | |
| João Granja; Christian Leuz; Raghuram Rajan | |
| 发表日期 | 2018-10-29 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | The average distance of U.S. banks from their small corporate borrowers increased before the global financial crisis, especially for banks in competitive counties. Small distant loans are harder to make, so loan quality deteriorated. Surprisingly, such lending intensified as the Fed raised interest rates from 2004. Why? We show banks’ responses to higher rates led to bank deposits shifting into competitive counties. Short-horizon bank management recycled these inflows into risky loans to distant uncompetitive counties. Thus, rate hikes, competition, and managerial short-termism explain why inflows ‘burned a hole’ in banks’ pockets and, more generally, increased risky lending. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Financial Economics ; Financial Markets ; Financial Institutions ; Corporate Finance ; Industrial Organization ; Market Structure and Firm Performance |
| URL | https://www.nber.org/papers/w25196 |
| 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/582870 |
| 推荐引用方式 GB/T 7714 | João Granja,Christian Leuz,Raghuram Rajan. Going the Extra Mile: Distant Lending and Credit Cycles. 2018. |
| 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 | ||
| w25196.pdf（1173KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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