The Loan Covenant Channel: How Bank Health Transmits to the Real Economy
研究发现，2008-2009年金融危机期间，约三分之一的贷款违反契约，银行借此重新谈判或加速收回贷款；健康状况较差的银行更可能减少贷款承诺，这种信贷收缩解释了危机期间信贷供给的大部分差异。
ABSTRACT We document the importance of covenant violations in transmitting bank health to nonfinancial firms. Roughly one‐third of loans in our supervisory data breach a covenant during the 2008 to 2009 period, allowing lenders to force a renegotiation of loan terms or to accelerate repayment of otherwise long‐term credit. Lenders in worse health are more likely to force a reduction in the loan commitment following a violation. The reduction in credit to borrowers who violate a covenant can account for the majority of the cross‐sectional variation in credit supply during the 2008 to 2009 crisis.