Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market

被引：646

作者：

Khwaja, Asim Ijaz ^{[1
]}

Mian, Atif ^{[2
,3
]}

机构：

[1] Harvard Univ, JFK Sch Govt, Cambridge, MA 02138 USA

[2] Univ Chicago, Grad Sch Business, Chicago, IL 60637 USA

[3] NBER, Cambridge, MA 02138 USA

来源：

AMERICAN ECONOMIC REVIEW | 2008年 / 98卷 / 04期

关键词：

D O I：

10.1257/aer.98.4.1413

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We examine the impact of liquidity shocks by exploiting cross-bank liquidity variation induced by unanticipated nuclear tests in Pakistan. We show that for the same firm borrowing from two different banks, its loan from the bank experiencing a 1 percent larger decline in liquidity drops by an additional 0.6 percent. While banks pass their liquidity shocks on to firms, large firms-particularly those with strong business or political ties-completely compensate this loss by additional borrowing through the credit market. Small firms are unable to do so and face large drops in overall borrowing and increased financial distress.

引用

页码：1413 / 1442

页数：30

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