From Wall Street to Main Street: The Impact of the Financial Crisis on Consumer Credit Supply
研究了2007-2009年金融危机期间资产支持证券市场崩溃如何通过信用合作社影响消费者信贷供给，发现与ABS相关的损失导致信贷大幅收缩，尤其对资本化较弱的信用合作社影响更大，并限制了抵押贷款和汽车信贷的可得性。
ABSTRACT H ow did the collapse of the asset‐backed securities (ABS) market during the 2007 to 2009 financial crisis affect the supply of credit to the broader economy? Using new data on the U.S. credit union industry, we find that ABS‐related losses are associated with a large contraction in the supply of credit to consumers, especially among those credit unions that began the crisis with weaker capitalization. We also find that this credit supply shock restricted the availability of mortgage and automobile credit. These results show how movements in the prices of financial assets can affect the real economy.