Sharing the Pain? Credit Supply and Real Effects of Bank Bail-ins
利用葡萄牙一家大银行意外失败及后续处置事件，研究发现受内部纾困影响的企业信贷收缩，但多数企业能弥补；而受影响的中小企业面临信贷额度减少，流动性低的企业增加现金持有并减少投资和就业。
Abstract We analyze the credit supply and real effects of bank bail-ins by exploiting the unexpected failure and subsequent resolution of a major Portuguese bank. Using loan-level data, we show that while firms more exposed to the bail-in suffered a significant contraction of credit at the intensive margin, they were on average able to compensate for the supply-driven shock. However, affected SMEs experienced a binding reduction of funds available through credit lines, and those with lower internal liquidity increased precautionary cash holdings and reduced investment and employment. Our results highlight the trade-off policymakers face when considering this new bank resolution mechanism.