| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29850 |
| 来源ID | Working Paper 29850 |
| Cross-subsidization of Bad Credit in a Lending Crisis | |
| Nikolaos Artavanis; Brian Jonghwan Lee; Stavros Panageas; Margarita Tsoutsoura | |
| 发表日期 | 2022-03-28 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We study the corporate-loan pricing decisions of a major Greek bank during the Greek financial crisis. A unique aspect of our dataset is that we observe both the interest rate and the “breakeven rate” of each loan, as computed by the bank’s own loan-pricing department (in effect, the loan’s marginal cost). We document that low-breakeven-rate (safer) borrowers are charged significant markups, whereas high-breakeven-rate (riskier) borrowers are charged small and sometimes even negative markups. We rationalize this de-facto cross-subsidization of riskier borrowers by safer borrowers through the lens of a dynamic model featuring depressed collateral values, impaired capital-market access, and limit pricing. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w29850 |
| 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/587533 |
| 推荐引用方式 GB/T 7714 | Nikolaos Artavanis,Brian Jonghwan Lee,Stavros Panageas,et al. Cross-subsidization of Bad Credit in a Lending Crisis. 2022. |
| 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 | ||
| w29850.pdf（673KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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