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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w29882 |
来源ID | Working Paper 29882 |
Fiscal Stimulus and Commercial Bank Lending Under COVID-19 | |
Joshua Aizenman; Yothin Jinjarak; Mark M. Spiegel | |
发表日期 | 2022-03-28 |
出版年 | 2022 |
语种 | 英语 |
摘要 | We investigate the implications of extra-normal government spending under the COVID-19 pandemic for commercial bank lending growth between 2019Q4 and 2020Q4 in a large sample of over 3000 banks from 71 countries. We control for pre-pandemic structural factors, bank characteristics and government debt. To address the likely endogeneity of government assistance under the pandemic, we instrument for extra-normal spending using disparities in pre-existing national political characteristics for identification. Our results indicate that while higher government spending was associated with higher commercial bank lending, higher public debt going into the crisis weakened the expansionary effects of higher spending on bank lending at economically and statistically significant levels. Moreover, this sensitivity is higher among weaker banks, suggesting that bank lending responses to government spending under COVID-19 reflected the perceived implications of such spending for government assistance of the banking sector going forward. Our results are robust to a variety of sensitivity analyses, including perturbations in specification, sample, and estimation methodology. |
主题 | Macroeconomics ; Fiscal Policy ; International Economics ; International Finance ; Financial Economics ; Financial Institutions ; Public Economics ; Taxation ; COVID-19 |
URL | https://www.nber.org/papers/w29882 |
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/587554 |
推荐引用方式 GB/T 7714 | Joshua Aizenman,Yothin Jinjarak,Mark M. Spiegel. Fiscal Stimulus and Commercial Bank Lending Under COVID-19. 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 | ||
w29882.pdf(704KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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