期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2014
出版社：European Central Bank
摘要：We employ a unique identi cation strategy linking survey data on household consumption expenditureto bank-level data to estimate the e ects of bank nancial distress on consumer credit and consump-tion expenditures. We show that households whose banks were more exposed to funding shocks reportlower levels of non-mortgage liabilities. This, however, does not result in lower levels of consumption.Households compensate by drawing down liquid assets to smooth consumption in the face of a temporaryadverse lending supply shock. The results contrast with recent evidence on the real e ects of nance on rms' investment and employment decisions.
