信用额度渠道

IF 9.5 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance Pub Date : 2025-08-27 DOI:10.1111/jofi.13486

DANIEL L. GREENWALD, JOHN KRAINER, PASCAL PAUL

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引用次数: 0

摘要

COVID - 19爆发后，美国银行对企业的贷款总额有所扩大。利用贷款层面的监管数据，我们发现这种扩张是由大公司对信贷额度的提取推动的。经历较大信贷额度缩减的银行更多地限制了定期贷款，挤占了小企业的信贷，小企业的反应是减少投资。一个与我们的实证结果相匹配的结构模型表明，尽管信贷额度在不景气时期增加了银行信贷总额，但它们将信贷从高投资倾向的企业重新分配给低投资倾向的企业，从而加剧了总投资的减少。

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The Credit Line Channel

Aggregate U.S. bank lending to firms expanded following the outbreak of COVID‐19. Using loan‐level supervisory data, we show that this expansion was driven by draws on credit lines by large firms. Banks that experienced larger credit line drawdowns restricted term lending more, crowding out credit to smaller firms, which reacted by reducing investment. A structural model calibrated to match our empirical results shows that while credit lines increase total bank credit in bad times, they redistribute credit from firms with high propensities to invest to firms with low propensities to invest, exacerbating the decrease in aggregate investment.

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来源期刊

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

发文量

期刊介绍： The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.