Bank Heterogeneity and Interest Rate Setting: What Lessons Have We Learned since Lehman Brothers?
研究了雷曼兄弟倒闭后，银行特征和借贷关系如何影响利率设定，发现关系紧密的借款人利率上升较少，资本和流动性充足的银行及传统借贷银行能更好地保护客户免受危机冲击。
A substantial literature has investigated the role of relationship lending in shielding borrowers from idiosyncratic shocks. Much less is known about how lending relationships and bank‐specific characteristics affect the functioning of the credit market in an economy‐wide crisis. We investigate how bank and bank–firm relationship characteristics have influenced interest rate setting since the collapse of Lehman Brothers. We find that interest rate spreads increased by less for those borrowers having closer lending relationships. Furthermore, firms borrowing from banks endowed with large capital and liquidity buffers and from banks engaged mainly in traditional lending were kept more insulated from the financial crisis.