From Wall Street to Main Street: The Impact of the Financial Crisis on Consumer Credit Supply
From Wall Street to Main Street: The Impact of the Financial Crisis on Consumer Credit Supply
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DOI：
10.2139/ssrn.2244545
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发表时间：
2012-12
期刊：
影响因子：
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通讯作者：
Rodney Ramcharan;Skander J. Van den Heuvel;Stéphane Verani
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文献类型：
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作者：
Rodney Ramcharan;Skander J. Van den Heuvel;Stéphane Verani
本文研究了2007-2009年金融危机期间资产支持证券（ABS）市场的崩溃如何影响信贷供应到更广泛的经济使用一个新的数据集，描述了独特的银行间关系的信用合作社行业。这个行业对消费金融很重要，我们发现，代理信用社的ABS相关损失与消费信贷供应的大幅收缩和下游信用社的现金囤积有关。我们还发现，这种信贷供应的收缩集中在下游信用社，这些信用社在危机开始时资本资产比率较低，这可能放大了房价的最初下跌。这些结果表明，资本监管可能会塑造金融机构的能力，将证券价格波动传递到真实的经济。
This paper studies how the collapse of the asset backed securities (ABS) market during the financial crisis of 2007-2009 affected the supply of credit to the broader economy using a new dataset that describes unique interbank relationships within the credit union industry. This industry is important for consumer finance, and we find that ABS related losses at correspondent credit unions are associated with a large contraction in the supply of consumer credit and a hoarding of cash among downstream credit unions. We also find that this contraction in credit supply was concentrated among downstream credit unions that began the crisis with lower capital asset ratios, and that it may have amplified the initial decline in house prices. These results suggest that capital regulation might shape the ability of financial institutions to transmit securities price volatility onto the real economy.