The Non-Financial Consequences of Financial Relationships

这项研究分析了一个新的数据库，提供了1982年至1995年超过27,000意大利公司的损益表和资产负债表的信息。这些信息可以与企业与银行关系的信息联系起来，主要是从不同银行借了多少钱，以及企业从银行借了多长时间的不精确测量。银行资产负债表数据和银行监管报告也可供查阅。因此，这个数据库提供了一个更全面的图片银行公司的关系比任何其他可用的来源。 这个项目的主要部分着眼于银行业危机的影响。这项研究记录了一家原本健康的公司在其主要贷款人陷入困境时会发生什么。这些数据将有助于分析其他资金来源的替代情况;公司进行的就业、投资和销售调整;以及公司竞争对手的反应。因此，有可能估计一个更完整的一般均衡冲击的影响比典型的文献中的流动性约束。 一项配套研究将分析金融因素在传播特质和行业层面的冲击中的作用。在这项研究中，它是调查企业的就业和投资调整后，这些冲击与企业的融资结构。大样本量和公司与银行之间关系的详细数据相结合，将大大改善过去对财务关系塑造公司对财务困境的反应程度的估计。 最后，考察了银行贷款在货币政策传导中的作用。分析了北方和南方意大利货币政策的影响是否受到银行市场差异的影响。目标之一是确定贷款在多大程度上顺利地在各地区流动。探讨这个问题很重要，因为对欧洲共同货币政策的有效调整可能取决于各地区之间的大量信贷流动。

This research analyzes a newly available database which provides information from 1982 to 1995 on the income statements and balance sheets of over 27,000 Italian firms. This information can be linked to information on the firms' relationships with their banks-mainly how much is borrowed from different banks and an imprecise measure of how long the firm has borrowed from the bank. Data on the balance sheets of the banks and supervisory reports on the banks are also available. Consequently, this data base provides a much more comprehensive picture of bank firm relations than any other available source. The major part of this project looks at the fallout from a banking crisis. This study documents what happens to an otherwise healthy firm when its main lender runs into trouble. These data will permit analyses of the substitution of other sources of financing; the employment, investment and sales adjustments undertaken by the firm; and the responses of the firm's competitors. Thus, it is possible to estimate a much more complete general-equilibrium impact of the shock than is typical in the literature on liquidity constraints. A companion study will analyze the role of financial factors in the propagation of idiosyncratic and industry level shocks. In this study, it is investigated whether firms' adjustment of employment and investment following these shocks relates to the structure of the firms' financing. The combination of the large sample size and detailed data on the ties between firms and banks will allow a significantly improvement on past estimates of the degree to which financial relationships shape a firm's response to financial distress. Finally, the role of bank lending in the transmission of monetary policy is investigated. Whether the impact of monetary policy in Northern and Southern Italy is influenced by the differences in the banking markets is analyzed. One goal is to determine the extent to which lending smoothly flows across regions. Answering this question is important because an efficient adjustment to a common European monetary policy may depend on large credit flows across regions.