How Financial Shocks Transmit to the Real Economy? Banking Business Models and Firm Size
How Financial Shocks Transmit to the Real Economy? Banking Business Models and Firm Size
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金融冲击如何传导至实体经济？
DOI：
10.2139/ssrn.3545805
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发表时间：
2020
期刊：
影响因子：
--
通讯作者：
F. Vinas
中科院分区：
文献类型：
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作者：
F. Vinas
摘要本文分析了2003-2009年我国商业银行和全能银行的信贷投放情况。依靠一个独特的数据库的信贷，银行和企业，涵盖8,000多家企业，从中小企业到大公司，我显示，全能银行和商业银行有一个类似的信贷供应危机之前。然而，在2008年金融危机期间，全能银行的信贷供应大幅减少，对企业投资产生了真实的影响。对传导渠道的分析突出了适用于全能银行的一个具体约束性约束：通过资产负债表外承诺产生的流动性风险。虽然最小的公司通常被认为更容易受到影响，但本文表明，由于危机前的银行与公司关系，小型公司受到信贷配给的影响小于中型和大型公司。
Abstract The paper analyzes the credit supply of commercial banks and universal banks over the 2003-2009 period. Relying on a unique database of credits, banks and firms covering more than 8,000 firms from SMEs to large firms, I show that universal banks and commercial banks had a similar credit supply prior to the crisis. However, during the 2008 financial crisis, universal banks had a strongly lower credit supply, leading to real effects on firms’ investment. An analysis of transmission channels highlights a specific binding constraint applying to universal banks: their liquidity risk through off-balance-sheet commitments. While smallest firms are usually considered more vulnerable, the paper shows that small firms were less impacted by credit rationing than medium and large firms due to their bank-firm relationships prior to the crisis.