The Anatomy of a Credit Supply Shock: Evidence from an Internal Credit Market
利用跨国银行微观数据，剖析信贷供给冲击如何影响贷款决策，发现强关系、非贷款收入及抵押品（尤其是外部资产和房地产）能缓解信贷配给，冲击后借款者转向更大、风险更低的企业。
We investigate how financial contracting interacts with lending-channel effects by tracing the anatomy of a credit supply shock using micro-level data from a multinational bank. Borrowers with stronger lending relationships, higher nonlending revenues, and those that pledge collateral, especially outside assets and real estate, experience less credit rationing. Consistent with a tightening of financing constraints post shock, borrower composition shifts toward larger and less risky firms, and loans exhibit higher collateralization rates. Our analysis highlights the value of relationships and suggests that relationship banking is a channel through which borrowers can mitigate lending-channel effects.