Credit Crunch Caused by Bank Failures and Self-Selection Behavior in Lending Markets
利用日本银行倒闭的独特实验环境，研究发现银行倒闭使客户企业投资减少约30%，且高投资增长企业倾向与不健康银行交易，产生30-80%的自我选择偏差。
This study investigates how bank failures affect the real economy from the lenders' perspective. Using experimental settings of unique bank failures in Japan, this paper identifies the credit crunch effect by bank failures. The main findings are the following. First, bank failures decrease the investments of the client firms by approximately 30%. Second, the high investment growth/level firms deal with unhealthy banks. These choices generate a self-selection bias of 30–80%. Third, there is no evidence that bank-failure shock is related to the firms' accessibility to other financial sources.