从次级贷款到次级增长?欧元区的证据

IF 2.2 3区经济学 Q2 BUSINESS, FINANCE

European Journal of Finance Pub Date : 2009-03-01 DOI:10.5089/9781451872163.001.A001

M. Čihák, Petya Koeva Brooks

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引用次数: 22

摘要

全球金融危机凸显了金融状况影响实体经济活动的潜力。我们研究了欧元区金融和实体部门之间的联系，发现(i)银行贷款供应对银行稳健性的下降呈负反应;(ii)银行贷款供应减少对经济活动产生负面影响;(3)对公司债息差的正面冲击降低了工业产出;(iv)银行、企业和公共部门的风险指标显示，2002-03年开始有所改善，随后自2007年以来严重恶化。这些估计表明，目前估计的银行损失将使欧元区的产出减少约2个百分点(但估计存在相当大的不确定性)。

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From Subprime Loans to Subprime Growth? Evidence for the Euro Area

The global financial crisis has highlighted the potential of financial conditions for influencing real economic activity. We examine the linkages between the financial and real sectors in the euro area, finding that (i) bank loan supply responds negatively to declines in bank soundness; (ii) a cutback in bank loan supply has a negative impact on economic activity; (iii) a positive shock to the corporate bond spread lowers industrial output; and (iv) risk indicators for the banking, corporate, and public sectors show an improvement beginning in 2002-03, followed by a major deterioration since 2007. These estimates imply that the currently estimated bank losses would subtract some 2 percentage points from the euro area output (but with considerable uncertainty around the estimates).

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来源期刊

European Journal of Finance BUSINESS, FINANCE-

CiteScore

5.40

自引率

8.00%

发文量

期刊介绍： The European Journal of Finance publishes a full range of research into theoretical and empirical topics in finance. The emphasis is on issues that reflect European interests and concerns. The journal aims to publish work that is motivated by significant issues in the theory or practice of finance. The journal promotes communication between finance academics and practitioners by providing a vehicle for the publication of research into European issues, stimulating research in finance within Europe, encouraging the international exchange of ideas, theories and the practical application of methodologies and playing a positive role in the development of the infrastructure for finance research.