How Much Do Idiosyncratic Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data
How Much Do Idiosyncratic Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data
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特殊的银行冲击对投资有多大影响？
DOI：
10.1086/696272
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发表时间：
2013
影响因子：
8.2
通讯作者：
David E. Weinstein
中科院分区：
文献类型：
--
作者：
M. Amiti;David E. Weinstein
我们发现，供给侧金融冲击对企业的投资有很大的影响。我们开发了一种新的方法，利用大量匹配的银行-企业贷款数据样本，将企业借款冲击与银行供应冲击分开。我们将日本1990-2010年期间的总贷款变动分解为银行、企业、行业和共同冲击。金融机构的高度集中度意味着，单个银行相对于经济规模来说是大的，这为颗粒性冲击创造了一个角色，就像Gabaix(2011)的研究一样。我们发现，特殊的颗粒状银行供应冲击解释了总贷款和投资波动的30%-40%。
We show that supply-side financial shocks have a large impact on firms’ investment. We develop a new methodology to separate firm borrowing shocks from bank supply shocks using a vast sample of matched bank-firm lending data. We decompose aggregate loan movements in Japan for the period 1990–2010 into bank, firm, industry, and common shocks. The high degree of financial institution concentration means that individual banks are large relative to the size of the economy, which creates a role for granular shocks as in Gabaix’s (2011) study. We show that idiosyncratic granular bank supply shocks explain 30–40 percent of aggregate loan and investment fluctuations.