Sharing the Pain? Credit Supply and Real Effects of Bank Bail-ins
Sharing the Pain? Credit Supply and Real Effects of Bank Bail-ins
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DOI：
10.1093/rfs/hhaa067
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发表时间：
2021-04-01
影响因子：
8.2
通讯作者：
Silva, Andre F.
中科院分区：
文献类型：
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作者：
Beck, Thorsten;Da-Rocha-Lopes, Samuel;Silva, Andre F.
我们利用葡萄牙一家大型银行的意外倒闭和随后的解决方案来分析信贷供应和银行纾困的实际影响。利用贷款层面的数据，我们发现，虽然更多受到内部纾困影响的企业在密集边际上遭受了信贷的大幅收缩，但它们平均能够弥补供应驱动的冲击。然而，受影响的中小企业通过信贷额度获得的资金明显减少，内部流动性较低的中小企业增加了预防性现金持有量，并减少了投资和就业。我们的结果凸显了政策制定者在考虑这种新的银行决议机制时面临的权衡。
We analyze the credit supply and real effects of bank bail-ins by exploiting the unexpected failure and subsequent resolution of a major Portuguese bank. Using loan-level data, we show that while firms more exposed to the bail-in suffered a significant contraction of credit at the intensive margin, they were on average able to compensate for the supply-driven shock. However, affected SMEs experienced a binding reduction of funds available through credit lines, and those with lower internal liquidity increased precautionary cash holdings and reduced investment and employment. Our results highlight the trade-off policymakers face when considering this new bank resolution mechanism.