Relationship and Transaction Lending in a Crisis
研究了关系型贷款和交易型贷款在经济周期中的变化，发现关系银行在危机时能为盈利企业提供更优惠的续贷，但平时收费更高。
We study how relationship lending and transaction lending vary over the business cycle. We develop a model in which relationship banks gather information on their borrowers, allowing them to provide loans to profitable firms during a crisis. Because of the services they provide, operating costs of relationship banks are higher than those of transaction banks. Relationship banks charge a higher intermediation spread in normal times, but offer continuation lending at more favourable terms than transaction banks to profitable firms in a crisis. Using credit register information for Italian banks before and after the Lehman Brothers’ default, we test the theoretical predictions of the model. Received July 29, 2014; accepted February 20, 2016 by Editor Philip Strahan.