Did Unconventional Interventions Unfreeze the Credit Market?
研究了2008-2010年间16个国家的198项非常规干预措施，发现这些措施宣布时企业股价上涨，尤其是那些急需外部资本的企业，随后投资、研发和就业也扩张，其中银行资本重组效果最显著。
This paper investigates whether and how unconventional interventions in 2008–2010 unfroze the credit market. We construct a dataset of 198 interventions for 16 countries during 2008–2010 and examine heterogeneous responses in stock prices to the interventions across 7,873 nonfinancial firms in those countries. Stock prices increase when the interventions are announced, particularly for firms with greater intrinsic need for external capital. This pattern is corroborated by subsequent expansions in firm investment, R&D expenditure, and employment. Among various forms of interventions, recapitalization of banks appears particularly effective in channeling the intervention effects from financial to nonfinancial sectors.