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：2010
出版社：European Central Bank
摘要：We study the e ect of interbank market integration on small rm nance in the build-up to the 2007-2008 nancial crisis. We use a comprehensive data set that contains contract terms on individual loans to 6,047 rms across 14 European countries between 1998:01 and 2005:12. We account for the selection that arises in the loan request and approval process. Our ndings imply that integration of interbank markets resulted in less stringent borrowing constraints and in substantially lower loan rates. The decrease was strongest in markets with competitive banking sectors. We also nd that in the most rapidly integrating markets, rms became substantially overleveraged during the build-up to the crisis.
关键词：interbank markets; selection; loan rates; bank competition; rm leverage
