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Autor:innen: 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
IWH Discussion Papers No. 15/2020
Verlag: 
Halle Institute for Economic Research (IWH), Halle (Saale)
Zusammenfassung: 
This paper provides evidence that banks cut lending to US borrowers as a consequence of a trade shock. This adverse reaction is stronger for banks with higher ex-ante lending to US industries hit by the trade shock. Importantly, I document large heterogeneity in banks' reaction depending on their sectoral specialisation. Banks shield industries in which they are specialised in and at the same time reduce the availability of credit to industries they are not specialised in. The latter is driven by low-capital banks and lending to firms that are themselves hit by the trade shock. Banks' adjustments have adverse real effects.
Schlagwörter: 
trade liberalisation
credit supply
sector specialisation
real effects
JEL: 
F14
F65
G21
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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