Interbank Liquidity Crunch and the Firm Credit Crunch: Evidence from the 2007–2009 Crisis
利用葡萄牙贷款数据，研究发现危机中依赖银行间借款的银行信贷收缩更严重，小企业和关系弱的公司受影响更大，且央行流动性未带来整体正面效果。
We study the credit supply effects of the unexpected freeze of the European interbank market, using exhaustive Portuguese loan-level data. We find that banks that rely more on interbank borrowing before the crisis decrease their credit supply more during the crisis. The credit supply reduction is stronger for firms that are smaller, with weaker banking relationships. Small firms cannot compensate the credit crunch with other sources of debt. Furthermore, the \nimpact of illiquidity on the credit crunch is stronger for less solvent banks. Finally, there are no overall positive effects of central bank liquidity, but higher hoarding of liquidity.