Lending Standards Over the Credit Cycle
Lending Standards Over the Credit Cycle
复制标题
整个信贷周期的贷款标准
DOI：
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发表时间：
2015
期刊：
影响因子：
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通讯作者：
E. Tarantino
中科院分区：
文献类型：
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作者：
Giacomo Rodano;N. Serrano;E. Tarantino
我们实证确定了银行在整个周期中对中小企业适用的贷款标准。我们利用意大利信贷市场的一个制度特征，产生一个尖锐的不连续性的可比公司的信贷风险类别的分配。使用贷款水平的数据，我们表明，在扩张阶段的周期，银行放宽贷款标准，缩小利率差之间的不合格和表现的公司。在周期的收缩阶段，贷款标准的突然收紧导致不合格的公司被排除在信贷之外。这些公司的生产、投资和就业都大幅下降。最后，我们发现银行间市场的枯竭是决定银行贷款标准变化的重要因素。JEL分类：E32、E44、G21。关键词：信贷周期;金融契约;信贷配给;真实的活动。
We empirically identify the lending standards applied by banks to small and medium firms over the cycle. We exploit an institutional feature of the Italian credit market that generates a sharp discontinuity in the allocation of comparable firms into credit risk categories. Using loan-level data, we show that during the expansionary phase of the cycle, banks relax lending standards by narrowing the interest rate spreads between substandard and performing firms. During the contractionary phase of the cycle, the abrupt tightening of lending standards leads to the exclusion of substandard firms from credit. These firms then report significantly lower production, investment, and employment. Finally, we find that the drying up of the interbank market is an important factor determining the change in bank lending standards. JEL classification: E32, E44, G21. Keywords: Credit Cycles; Financial Contracts; Credit Rationing; Real Activity.