The collateral channel versus the bank lending channel: Evidence from a massive earthquake,

IF 3.6 2区经济学 Q1 BUSINESS, FINANCE

Journal of Banking & Finance Pub Date : 2024-10-11 DOI:10.1016/j.jbankfin.2024.107315

Iichiro Uesugi , Daisuke Miyakawa , Kaoru Hosono , Arito Ono , Hirofumi Uchida

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Abstract

This paper compares the economic impact of the collateral and bank lending channels in a unified framework by taking advantage of exogenous shocks to firms’ tangible assets and banks’ net worth caused by the massive Tohoku earthquake in 2011. We obtain the following findings: (1) both damage to a firm's tangible assets and to the net worth of its primary bank lead to an increase in the probability of the firm being credit constrained, which lends support to the existence of both the collateral and the bank lending channel; (2) the increase through the bank lending channel is about twice as large as and longer-lasting than that through the collateral channel; (3) the credit constraint has real effects: in terms of the aggregated sales decline, the impact through the bank lending channel is more than four times as large as that through the collateral channel, because the negative impact of damage to banks’ net worth spilled over to firms located outside the earthquake-damaged region. Overall, the bank lending channel played a far more substantial role than the collateral channel in the wake of the earthquake.

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抵押品渠道与银行贷款渠道：大地震的证据、

本文利用 2011 年日本东北大地震对企业有形资产和银行净资产造成的外生冲击，在统一框架下比较了抵押品渠道和银行贷款渠道的经济影响。我们得出以下结论：(1) 企业有形资产和主要银行净资产的损失都会导致企业受到信贷约束的概率增加，这证明了抵押品渠道和银行借贷渠道的存在；(2) 银行借贷渠道的增加约为抵押品渠道的两倍，且持续时间更长；(3) 信贷约束具有实际效果：从总销售额的下降来看，银行贷款渠道的影响是抵押品渠道的四倍多，因为银行净资产受损的负面影响波及到地震灾区以外的企业。总体而言，银行贷款渠道在地震后发挥的作用远远大于抵押品渠道。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Banking & Finance Multiple-

CiteScore

6.40

自引率

5.40%

发文量

262

期刊介绍： The Journal of Banking and Finance (JBF) publishes theoretical and empirical research papers spanning all the major research fields in finance and banking. The aim of the Journal of Banking and Finance is to provide an outlet for the increasing flow of scholarly research concerning financial institutions and the money and capital markets within which they function. The Journal''s emphasis is on theoretical developments and their implementation, empirical, applied, and policy-oriented research in banking and other domestic and international financial institutions and markets. The Journal''s purpose is to improve communications between, and within, the academic and other research communities and policymakers and operational decision makers at financial institutions - private and public, national and international, and their regulators. The Journal is one of the largest Finance journals, with approximately 1500 new submissions per year, mainly in the following areas: Asset Management; Asset Pricing; Banking (Efficiency, Regulation, Risk Management, Solvency); Behavioural Finance; Capital Structure; Corporate Finance; Corporate Governance; Derivative Pricing and Hedging; Distribution Forecasting with Financial Applications; Entrepreneurial Finance; Empirical Finance; Financial Economics; Financial Markets (Alternative, Bonds, Currency, Commodity, Derivatives, Equity, Energy, Real Estate); FinTech; Fund Management; General Equilibrium Models; High-Frequency Trading; Intermediation; International Finance; Hedge Funds; Investments; Liquidity; Market Efficiency; Market Microstructure; Mergers and Acquisitions; Networks; Performance Analysis; Political Risk; Portfolio Optimization; Regulation of Financial Markets and Institutions; Risk Management and Analysis; Systemic Risk; Term Structure Models; Venture Capital.