Bank lending networks and the propagation of natural disasters
研究了银团贷款网络如何传播自然灾害冲击，发现银行通过减少对未受灾地区的信贷来满足受灾地区的需求，导致未受灾地区企业信贷下降约3%。
Abstract We study how syndicated lending networks propagate natural disasters. Natural disasters lead to an increase in corporate credit demand in affected regions. Banks meet the increase in credit demand in part by reducing credit to distant regions, unaffected by disasters. Capital constraints play a key role in this effect as lower‐capital banks propagate disasters to unaffected regions to a greater extent. While shadow banks offset the reduction in bank credit supply on term loan syndicates, they do not offset the loss in credit line financing. As a result, corporate credit in unaffected regions falls by approximately 3%.