Four facts about relationship lending: The case of Chile 2012-2019
利用智利2012-2019年全部银行贷款的机密登记数据，研究了银企关系的紧密程度和集中度，揭示了关系型贷款的时间变化、周期特征、合同属性及其对货币政策传导的影响。
Using confidential credit-registry data on the universe of bank loans, we characterize the monthly behavior of relationship lending in Chile between 2012 and 2019. We focus on two aspects of relationships between firms and banks: their closeness, and their concentration. We uncover four stylized facts about relationships lending: their behavior through time, cyclical properties, properties of credit contracts in relationships, and the effect of relationships on monetary policy transmission. Our results show that relationship lending plays an important role in credit allocation and in the implementation of financial policies.