薪水保护计划对美国银行冒险行为的影响

IF 1.9 Q2 BUSINESS, FINANCE
Stefano Filomeni
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引用次数: 0

摘要

COVID-19大流行的经济影响使美国各地的许多小企业陷入财务困境。为此,作为《关怀法案》的一部分,美国政府于2020年3月推出了“工资保护计划”(PPP),旨在为小企业提供救济,并在疫情期间保留就业机会。后者导致了三波通过SBA批准的贷款机构(主要以美国银行为代表)向小企业发放的资金。通过使用2019年第一季度至2020年第四季度期间4610家银行的面板数据集,并采用差异中的差异方法(DiD),我调查了与美国的非社区银行同行相比,参与薪水保护计划是否会影响社区银行在ppp后时期的信贷冒险行为。我发现,相对于非社区银行,“薪水保护计划”导致社区银行在该计划之外降低了风险偏好,这与它们在受疫情严重打击的商业房地产领域的更大敞口是一致的。我的结果对于一系列稳健性测试和识别策略是稳健性的。在这篇研究文章中,我通过调查薪水保护计划对美国社区银行的风险承担的间接影响,提供了关于薪水保护计划作为政府资助的刺激计划通过银行管理的间接影响的新证据,这些社区银行由于其在软信息密集型小企业贷款方面的竞争优势而主导PPP贷款的贷款。这些证据对政策制定者在权衡各种方案方案的优点以应对COVID-19大流行造成的经济损失以及在考虑设计应对未来经济危机的经济刺激计划时具有参考价值。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

The impact of the Paycheck Protection Program on the risk-taking behaviour of US banks

The impact of the Paycheck Protection Program on the risk-taking behaviour of US banks

The economic impact of the COVID-19 pandemic placed many small businesses across the US in financial distress. In response to this, in March 2020 the US government introduced, as part of the CARES Act, the Paycheck Protection Program (PPP) intended to provide relief to small businesses and to preserve jobs during the pandemic. The latter resulted in three waves of funding distributed to small businesses through SBA approved lenders, mainly represented by US banks. By using a panel dataset of 4610 banks over the period Q1 2019–Q4 2020 and by employing a difference-in-differences approach (DiD), I investigate whether participation in the Paycheck Protection Program affected community banks’ credit risk-taking behaviour in the post-PPP period, compared to their non-community banking counterparts in the US. I find that the Paycheck Protection Program led community banks to decrease their risk appetite outside of the program relative to non-community banks, consistent with their greater exposure to the commercial real estate sector, heavily hit by the pandemic. My results are robust to a battery of robustness tests and identification strategies. In this research article, I offer novel evidence on the indirect impact of the Paycheck Protection Program as a government-funded stimulus program administered through banks by investigating the indirect effect of the Paycheck Protection Program on the risk-taking of US community banks that dominate lending of PPP loans as a result of their competitive advantage in soft information-intensive small business lending. Such evidence is informative to policymakers as they weigh the merits of various program options to combat the economic damage imposed by the COVID-19 pandemic and as they consider the design of economic stimulus programs in response to future economic crises.

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来源期刊
CiteScore
3.20
自引率
17.60%
发文量
87
期刊介绍: Review of Quantitative Finance and Accounting deals with research involving the interaction of finance with accounting, economics, and quantitative methods, focused on finance and accounting. The papers published present useful theoretical and methodological results with the support of interesting empirical applications. Purely theoretical and methodological research with the potential for important applications is also published. Besides the traditional high-quality theoretical and empirical research in finance, the journal also publishes papers dealing with interdisciplinary topics.
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