Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/153686 
Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
ECB Working Paper No. 1252
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We study the effect of interbank market integration on small firm finance in the build-up to the 2007-2008 financial crisis. We use a comprehensive data set that contains contract terms on individual loans to 6,047 firms across 14 European countries between 1998:01 and 2005:12. We account for the selection that arises in the loan request and approval process. Our findings imply that integration of interbank markets resulted in less stringent borrowing constraints and in substantially lower loan rates. The decrease was strongest in markets with competitive banking sectors. We also find that in the most rapidly integrating markets, firms became substantially overleveraged during the build-up to the crisis.
Schlagwörter: 
Bank competition
firm leverage
Interbank markets
loan rates
selection
JEL: 
E51
G15
G21
G34
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
1.18 MB





Publikationen in EconStor sind urheberrechtlich geschützt.