大流行病期间银行采用技术对信贷市场的作用

IF 6.1 2区 经济学 Q1 BUSINESS, FINANCE
Nicola Branzoli, Edoardo Rainone, Ilaria Supino
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引用次数: 0

摘要

本文表明,在意大利 COVID-19 爆发后的几个月里,银行采用信息技术(IT)的程度越高,企业贷款的增幅就越大。通过对信息技术采用程度不一的银行进行研究,我们使用了一个新的数据库,其中包含银行信息技术支出和创新技术使用的详细信息,并与大流行病爆发前和爆发期间信贷增长的银行-企业层面数据相匹配,从而调查了信贷动态及其在企业间的分配情况。利用差分法,我们发现在大流行病期间,IT 支出比例较高的银行比其他银行增加了更多信贷。增加的信贷主要集中在向规模较小、财务状况较好的公司发放的定期贷款上;在对公司活动和个人流动性限制较严格的初期阶段,这种影响更为强烈,对于活跃在受冲击影响最大的行业的企业来说,这种影响更为显著。我们提供的证据表明,这些结果是由银行完全在线提供信贷的能力和银行使用人工智能进行信贷风险评估驱动的。在大流行病期间,借款人和贷款人之间的实际距离对于提供信贷非常重要,但只有在信息技术采用水平较高的情况下才会如此。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The role of banks’ technology adoption in credit markets during the pandemic

This paper shows that higher information technology (IT) adoption by banks was associated to a larger increase in corporate lending in the months following the COVID-19 outbreak in Italy. Examining banks with heterogeneous degrees of IT adoption, we investigate the dynamics of credit and its allocation across firms using a new database with detailed information on banks’ IT expenditures and use of innovative technologies matched with bank-firm level data on credit growth before and during the pandemic. Using a diff-in-diff approach, we find that banks with a higher share of IT spending increased their credit more than others during the pandemic. The increase was concentrated in term loans extended to smaller and financially sounder companies; the effect was stronger in the initial phase of tighter restrictions to firm activity and individual mobility, and more significant for undertakings active in the sectors most affected by the shock. We provide evidence that these results are driven by bank’s ability to offer credit entirely online and bank’s use of artificial intelligence for credit risk assessment. Physical proximity between borrowers and lenders was important for credit provision during the pandemic, but only when combined with high level of IT adoption.

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来源期刊
CiteScore
7.70
自引率
9.30%
发文量
78
审稿时长
34 days
期刊介绍: The Journal of Financial Stability provides an international forum for rigorous theoretical and empirical macro and micro economic and financial analysis of the causes, management, resolution and preventions of financial crises, including banking, securities market, payments and currency crises. The primary focus is on applied research that would be useful in affecting public policy with respect to financial stability. Thus, the Journal seeks to promote interaction among researchers, policy-makers and practitioners to identify potential risks to financial stability and develop means for preventing, mitigating or managing these risks both within and across countries.
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