Risk Overhang and Loan Portfolio Decisions: Small Business Loan Supply before and during the Financial Crisis
通过估计银行组合贷款的结构模型，发现美国社区银行在金融危机期间减少企业贷款，原因包括风险积压效应和贷款供给弹性下降，但部分关系型银行维持了较高贷款水平。
ABSTRACT We estimate a structural model of bank portfolio lending and find that the typical U.S. community bank reduced its business lending during the global financial crisis. The decline in business credit was driven by increased risk overhang effects (consistent with a reduction in the liquidity of assets held on bank balance sheets) and by reduced loan supply elasticities suggestive of credit rationing (consistent with an increase in lender risk aversion). Nevertheless, we identify a group of strategically focused relationship banks that made and maintained higher levels of business loans during the crisis.