期刊
JOURNAL OF FINANCIAL ECONOMICS
卷 127, 期 1, 页码 174-196出版社
ELSEVIER SCIENCE SA
DOI: 10.1016/j.jfineco.2017.11.007
关键词
Relationship banking; Credit constraints; Credit cycle
资金
- Research Foundation - Flanders [G.0719.13]
- EBRD Shareholder Special Fund
We conduct face-to-face interviews with bank chief executive officers to classify 397 banks across 21 countries as relationship or transaction lenders. We then use the geographic coordinates of these banks' branches and of 14,100 businesses to analyze how the lending techniques of banks near firms are related to credit constraints at two contrasting points of the credit cycle. We find that while relationship lending is not associated with credit constraints during a credit boom, it alleviates such constraints during a downturn. This positive role of relationship lending is stronger for small and opaque firms and in regions with a more severe economic downturn. Moreover, relationship lending mitigates the impact of a downturn on firm growth and does not constitute evergreening of loans. (C) 2017 Elsevier B.V. All rights reserved.
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