The Consumption Effects of the 2007–2008 Financial Crisis: Evidence from Households in Denmark
利用丹麦所有银行账户及账户持有人的详细数据，研究发现受危机冲击的银行减少贷款，导致其客户借贷和消费显著下降，且影响持续多年。
Did the financial crisis in 2007–2008 spread from distressed banks to households through a contraction of the credit supply? We study this question with a dataset that contains observations on all accounts in Danish banks as well as comprehensive information about individual account holders and banks. We document that banks exposed to the financial crisis reduced their lending relative to nonexposed banks, which in turn caused a significant decrease in the borrowing and spending of their customers. The effects were persistent: borrowing remained lower through the postcrisis years and spending foregone during the crisis was not recovered.