Beck, Thorsten
[VerfasserIn]
;
Da-Rocha-Lopes, Samuel
[Sonstige Person, Familie und Körperschaft];
Silva, André F.
[Sonstige Person, Familie und Körperschaft]
Sharing the Pain? Credit Supply and Real Effects of Bank Bail-Ins
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 2018 erstellt
Beschreibung:
We analyze the credit supply and real sector effects of bank bail-ins by exploiting the unexpected failure of a major Portuguese bank and subsequent resolution. Using a matched firm-bank dataset on credit exposures and interest rates, we show that while banks more exposed to the bail-in significantly reduced credit supply at the intensive margin, affected firms compensated the tightening of overall credit with other sources of funding. Nevertheless, SMEs were subject to a binding contraction of funds available through credit lines and reduced investment and employment. These dampening effects are explained by the pre-shock internal liquidity position of smaller firms