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 nancial distress in foreign parent banks on local SME nancing in 14 central and eastern European countries during the early stages of the 2007-2008 nancial crisis. We use survey data on applicant and non-applicant rms that enable us to disentangle e ects driven by shocks to the banking system from recession-driven demand shocks that may vary across lenders. We nd strong evidence that credit tightened in the relatively early stages of the crises caused by the following types of bank nancial distress: 1) low equity ratio; 2) low Tier 1 capital ratio; and 3) losses on nancial assets. We also nd that foreign banks transmit to Main Street a larger portion of similar nancial shocks than domestic banks. The observed decline in credit is greater among high-risk rms and rms with fewer tangible assets.
关键词：credit crunch; nancial crisis; bank lending channel; business lending
