Banking sector concentration, credit shocks and aggregate fluctuations
研究了西班牙银行业集中度上升是否导致银行特定信贷冲击对总体信贷波动的贡献增加，发现银行业具有颗粒性，银行特定冲击主导总体波动，且集中度上升放大了这种贡献。
This paper studies whether the raise in concentration experienced by the Spanish banking sector has lead to the increase of bank-specific credit shocks contribution to aggregate credit. We decompose aggregate credit volatility and find that (i) the Spanish banking sector is granular, (ii) the direct effect of bank-specific shocks accounts for the overwhelming majority of the variation in aggregate volatility, contrary to the manufacturing sector, and (iii) the raise in concentration translated into an increase of bank-specific shocks contribution to aggregate volatility.