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| dc.contributor.author | Jiménez, Gabriel |
|---|---|
| dc.contributor.author | Mian, Atif |
| dc.contributor.author | Peydró, José-Luis |
| dc.contributor.author | Saurina, Jesús |
| dc.date | 2019 |
| dc.identifier.citation | Jimenez G, Mian A, Peydró J-L, Saurina J. The real effects of the bank lending channel. J Monet Econ. 2019 Jun 15:1-18. DOI: 10.1016/j.jmoneco.2019.06.002 |
| dc.identifier.citation | 0304-3932 |
| dc.identifier.citation | https://doi.org/10.1016/j.jmoneco.2019.06.002 |
| dc.identifier.uri | http://hdl.handle.net/10230/37077 |
| dc.description.abstract | Data de publicació electrònica: 15-06-2019 |
| dc.description.abstract | This paper studies credit booms exploiting the Spanish matched credit register over 2001–2009. We extend Khwaja and Mian’s (2008) loan-level estimator by incorporating firm-level general equilibrium adjustments. Higher ex-ante bank real-estate exposure increases credit supply to non-real-estate firms, but effects are neutralized by firm-level adjustments for firms with existing banking relationships. However, higher bank real-estate exposure increases risk-taking, by relaxing standards of existing borrowers (cheaper, longer-term and less collateralized credit), and by expanding credit on the extensive margin to first-time borrowers that default substantially more. Results suggest that the mechanism at work is greater liquidity via securitization of real-estate assets. |
| dc.description.abstract | José-Luis Peydró acknowledges financial support from project ECO2015-68182-P (MINECO/FEDER, UE) and the European Research Council Grant (project 648398). |
| dc.format | application/pdf |
| dc.language.iso | eng |
| dc.publisher | Elsevier |
| dc.relation | J Monet Econ. 2019 Jun 15:1-18. DOI: 10.1016/j.jmoneco.2019.06.002 |
| dc.relation | info:eu-repo/grantAgreement/ES/1PE/ECO2015-68182-P |
| dc.relation | info:eu-repo/grantAgreement/EC/H2020/648398 |
| dc.rights | Under a Creative Commons license https://creativecommons.org/licenses/by/4.0/ |
| dc.rights | https://creativecommons.org/licenses/by/4.0/ |
| dc.rights | info:eu-repo/semantics/openAccess |
| dc.subject | Bank lending channel |
| dc.subject | Real effects of credit |
| dc.subject | Credit supply booms |
| dc.subject | Real estate |
| dc.subject | Securitization |
| dc.title | The real effects of the bank lending channel |
| dc.type | info:eu-repo/semantics/article |
| dc.type | info:eu-repo/semantics/publishedVersion |
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