Trade Shocks through Banking Lending Channel

时间:2021-09-23         阅读:


主题:Trade Shocks through Banking Lending Channel

主讲人:美国罗格斯商学院 笪亨果博士生

主持人:金融学院 白罡副教授


举办地点:Zoom会议,会议ID:468 640 4025;密码:377821




In this paper, we trace the trade shock transmission via banking lending channel using the 2001 PNTR shock as the natural experiment in the United States. PNTR shock causes banks to terminate the lending relationship and adjust strict loan contracts with firms in the trade sector, driven by the firm’s worse operating performance. PNTR shock impacts bank’s operating performance negatively via lending relationship due to the rise of non-performing loans. Faced with PNTR shock, banks hedge lending risk by holding more security assets. Banks pass shocks to non-trade sector firms in their loan portfolio. Due to information friction, banks rely more on the old lending relationship to allocate the fund to non-trade sector firms. Based on the micro estimate, we infer that the PNTR shock leads to a 38.44 percent loan loss in the macro economy wide. So our empirical results have policy implications for bank regulators and commercial banks in the United States.