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Autoren: 
Iyer, Rajkamal
Da-Rocha-Lopes, Samuel
Peydró, José-Luis
Schoar, Antoinette
Datum: 
2014
Quellenangabe: 
[Journal:] Review of Financial Studies [Volume:] 27 [Issue:] 1 [Pages:] 347-372 [ISSN:] 1465-7368
Zusammenfassung: 
We study the credit supply effects of the unexpected freeze of the European interbank market, using exhaustive Portuguese loan-level data. We find that banks that rely more on interbank borrowing before the crisis decrease their credit supply more during the crisis. The credit supply reduction is stronger for firms that are smaller, with weaker banking relationships. Small firms cannot compensate the credit crunch with other sources of debt. Furthermore, the impact of illiquidity on the credit crunch is stronger for less solvent banks. Finally, there are no overall positive effects of central bank liquidity, but higher hoarding of liquidity.
Schlagwörter: 
credit crunch
banking crisis
interbank markets
access to credit
flight to quality
lender of last resort
liquidity hoarding
JEL: 
G01
G21
G28
G32
DOI der veröffentlichten Version: 
Dokumentart: 
Article
Dokumentversion: 
Accepted Manuscript (Postprint)

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