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  • 标题:Banks' financial distress, lending supply and consumption expenditure
  • 本地全文:下载
  • 作者:H. Evren Damar ; Reint Grop ; Adi Mordel
  • 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.
  • 关键词:Credit supply; banking; nancial crisis; consumption expenditure; liquid assets; consumption;smoothing
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