新冠肺炎疫情下的财政能力和商业银行贷款

IF 2.6 3区 经济学 Q1 ECONOMICS
Joshua Aizenman , Yothin Jinjarak , Mark M. Spiegel
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引用次数: 1

摘要

我们研究了政府债务对新冠肺炎疫情期间扩张性政府支出在鼓励商业银行贷款增长方面的效果的影响。我们的样本来自71个国家的3000多家银行。为了解决政府援助可能的内生性问题,我们利用预先存在的国家政治特征的差异,制定了超正常支出的工具。我们的研究结果表明,银行贷款确实对财政能力做出了反应,因为危机中更高的公共债务削弱了更高支出在经济和统计上显著水平上对银行贷款的扩张效应。此外,较弱的银行的这种敏感性更高,这表明它们对未来政府援助支出的影响很敏感。我们还发现,高收入经济体和中小型银行的敏感性更高。我们的结果对各种稳健性测试都是稳健的,包括规范、样本和估计方法中的扰动。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Fiscal capacity and commercial bank lending under COVID-19

Fiscal capacity and commercial bank lending under COVID-19

Fiscal capacity and commercial bank lending under COVID-19

Fiscal capacity and commercial bank lending under COVID-19

We investigate the implications of government indebtedness for the efficacy of expansionary government spending in encouraging commercial bank lending growth during the COVID-19 pandemic. Our sample is a large cross-section of over 3000 banks from 71 countries. To address the likely endogeneity of government assistance, we instrument for extra-normal spending using disparities in pre-existing national political characteristics. Our results indicate that bank lending did respond to fiscal capacity, as higher public debt going into the crisis weakened the expansionary effects of higher spending on bank lending at economically and statistically significant levels. Moreover, this sensitivity was higher among weaker banks, suggesting sensitivity to the perceived implications of spending for government assistance going forward. We also found greater sensitivity in high-income economies and for small and medium-sized banks. Our results are robust to a variety of robustness tests, including perturbations in specification, sample, and estimation methodology.

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来源期刊
CiteScore
5.10
自引率
6.90%
发文量
36
期刊介绍: The Journal of the Japanese and International Economies publishes original reports of research devoted to academic analyses of the Japanese economy and its interdependence on other national economies. The Journal also features articles that present related theoretical, empirical, and comparative analyses with their policy implications. Book reviews are also published.
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