LIQUIDITY SHOCKS AND THE SUPPLY OF CREDIT AFTER THE 2007–2008 CRISIS
研究了2007-2008年次贷危机期间银行融资市场流动性风险上升如何影响国际企业信贷供给，发现危机前更依赖批发融资的银行在危机中减少银团贷款更多。
ABSTRACT We examine the impact of heightened liquidity risk in bank funding markets during the 2007–2008 subprime crisis on the supply of credit to firms internationally. Our sample comprises almost 800 banks lending in the syndicated loan market to borrowers from 48 advanced and emerging market economies. To control for simultaneous changes in demand, we relate within‐borrower changes in bank credit from multiple banks to banks' exposure to liquidity risk. To capture banks' vulnerability to the liquidity shocks that occurred during 2007–2008, we use measures of pre‐crisis reliance on wholesale funding. Our results suggest that banks that were more exposed to liquidity risk during the crisis reduced syndicated lending more than other banks. Our results are robust to alternate measures of vulnerability to liquidity risk, choice of sample period and simultaneous movements in exchange rates. Copyright © 2013 John Wiley & Sons, Ltd.