Access to Credit in a Market Downturn
利用一家大型欧洲银行的企业信贷数据，研究了金融危机期间银行允许企业保留现有信贷的决定，发现活跃使用信贷额度的现有借款人除非信用风险增加，否则不会被配给，且不存在贷款展期行为。
Abstract Using a unique proprietary dataset from a large European commercial bank containing granular loan-level information on credit lines to mid-corporate firms, we investigate the bank’s decisions to allow firms to retain existing credit at a time of acute financial instability. Our results highlight the importance of bank-firm relationships during crisis times. Existing borrowers who actively used their credit lines were not rationed, unless they posed an increased credit risk. We do not find evidence of evergreening practices.