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Who Pays for Financial Crises? Price and Quantity Rationing of Different Borrowers by Domestic and Foreign Banks.

Financial crises result in price and quantity rationing of otherwise creditworthy business borrowers, but little is known about the relative severity of these two types of rationing, which borrowers are rationed most, and the roles of foreign and domestic banks. Using a dataset from 50 countries con...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Berger, Allen N.
Otros Autores: Makaew, Tanakorn, Turk Ariss, Rima
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Washington, D.C. : International Monetary Fund, 2018.
Colección:IMF Working Papers.
Temas:
Acceso en línea:Texto completo

MARC

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505 0 |a Cover; Who Pays for Financial Crises? Price and Quantity Rationing of Different Borrowers by Domestic and Foreign Banks; 1. Introduction; 2. Research Questions; 3. Data and Sample Construction; 4. Changes in Bank Lending Quantities between Normal Times and the Financial Crisis; 5. Multivariate Analysis of Lending Quantities; 6. Loan Spreads during Normal Times and the Financial Crisis; 7. Spread of Loans Involving Banks and Borrowers from the United States; 8. Additional Tests; 9. Conclusions. 
520 3 |a Financial crises result in price and quantity rationing of otherwise creditworthy business borrowers, but little is known about the relative severity of these two types of rationing, which borrowers are rationed most, and the roles of foreign and domestic banks. Using a dataset from 50 countries containing over 18,000 business loans with information on the lender, the borrower, and contract terms, we find that publicly-listed borrowers are rationed more by prices or interest rates, whereas privately-held borrowers are rationed more by the number of loans. Also, the global financial crisis appears to have changed how banks price borrower risk. Further, there are important differences between foreign and domestic banks and between U.S. and non-U.S. loans. 
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