Public Guarantees and Private Banks’ Incentives: Evidence from the COVID-19 Crisis
Author
Suggested Citation
DOI: https://doi.org/10.53479/30812
Download full text from publisher
References listed on IDEAS
- Granja, João & Makridis, Christos & Yannelis, Constantine & Zwick, Eric, 2022.
"Did the paycheck protection program hit the target?,"
Journal of Financial Economics, Elsevier, vol. 145(3), pages 725-761.
- João Granja & Christos Makridis & Constantine Yannelis & Eric Zwick, 2020. "Did the Paycheck Protection Program Hit the Target?," Working Papers 2020-52_Revised, Becker Friedman Institute for Research In Economics.
- João Granja & Christos Makridis & Constantine Yannelis & Eric Zwick, 2020. "Did the Paycheck Protection Program Hit the Target?," NBER Working Papers 27095, National Bureau of Economic Research, Inc.
- Sandeep Dahiya & Anthony Saunders & Anand Srinivasan, 2003. "Financial Distress and Bank Lending Relationships," Journal of Finance, American Finance Association, vol. 58(1), pages 375-399, February.
- Viral V Acharya & Sascha Steffen, 2020.
"The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID,"
The Review of Corporate Finance Studies, Society for Financial Studies, vol. 9(3), pages 430-471.
- Viral V. Acharya & Sascha Steffen, 2020. "The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID," NBER Working Papers 27601, National Bureau of Economic Research, Inc.
- Acharya, Viral & Steffen, Sascha, 2020. "The risk of being a fallen angel and the corporate dash for cash in the midst of COVID," CEPR Discussion Papers 15073, C.E.P.R. Discussion Papers.
- Gale, William G, 1991.
"Economic Effects of Federal Credit Programs,"
American Economic Review, American Economic Association, vol. 81(1), pages 133-152, March.
- William G. Gale, 1988. "Economic Effects of Federal Credit Programs," UCLA Economics Working Papers 483, UCLA Department of Economics.
- Steven J. Davis & John Haltiwanger, 1992.
"Gross Job Creation, Gross Job Destruction, and Employment Reallocation,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 107(3), pages 819-863.
- Steve J. Davis & John Haltiwanger, 1990. "Gross Job Creation, Gross Job Destruction and Employment Reallocation," Working Papers 90-4, Center for Economic Studies, U.S. Census Bureau.
- Steve J. Davis & John Haltiwanger, 1991. "Gross Job Creation, Gross Job Destruction and Employment Reallocation," NBER Working Papers 3728, National Bureau of Economic Research, Inc.
- Steven J. Davis & John Haltiwanger, 1991. "Gross job creation, gross job destruction and employment reallocation," Working Paper Series, Macroeconomic Issues 91-5, Federal Reserve Bank of Chicago.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Federico Huneeus & Joseph Kaboski & Mauricio Larrain & Sergio Schmukler & Mario Vera, 2022.
"The Distribution of Crisis Credit: Effects on Firm Indebtedness and Aggregate Risk,"
Working Papers Central Bank of Chile
942, Central Bank of Chile.
- Huneeus,Federico & Kaboski,Joseph P. & Larrain,Mauricio & Schmukler,Sergio L. & Vera,Mario, 2022. "The Distribution of Crisis Credit : Effects on Firm Indebtedness and Aggregate Risk," Policy Research Working Paper Series 9937, The World Bank.
- Federico Huneeus & Joseph P. Kaboski & Mauricio Larrain & Sergio L. Schmukler & Mario Vera, 2022. "The Distribution of Crisis Credit: Effects on Firm Indebtedness and Aggregate Risk," NBER Working Papers 29774, National Bureau of Economic Research, Inc.
- Huneeus, Federico & Kaboski, Joseph & Larrain, Mauricio & Schmukler, Sergio L. & Vera, Mario, 2022. "The Distribution of Crisis Credit: Effects on Firm Indebtedness and Aggregate Risk," CEPR Discussion Papers 17061, C.E.P.R. Discussion Papers.
- Lei Li & Philip Strahan, 2020. "Who Supplies PPP Loans (And Does it Matter)? Banks, Relationships and the COVID Crisis," NBER Working Papers 28286, National Bureau of Economic Research, Inc.
- Barry, John W. & Campello, Murillo & Graham, John R. & Ma, Yueran, 2022. "Corporate flexibility in a time of crisis," Journal of Financial Economics, Elsevier, vol. 144(3), pages 780-806.
- Chodorow-Reich, Gabriel & Darmouni, Olivier & Luck, Stephan & Plosser, Matthew, 2022.
"Bank liquidity provision across the firm size distribution,"
Journal of Financial Economics, Elsevier, vol. 144(3), pages 908-932.
- Gabriel Chodorow-Reich & Olivier Darmouni & Stephan Luck & Matthew C. Plosser, 2020. "Bank Liquidity Provision Across the Firm Size Distribution," NBER Working Papers 27945, National Bureau of Economic Research, Inc.
- Gabriel Chodorow-Reich & Olivier M. Darmouni & Stephan Luck & Matthew Plosser, 2020. "Bank Liquidity Provision across the Firm Size Distribution," Staff Reports 942, Federal Reserve Bank of New York.
- Péter Harasztosi & Laurent Maurin & Rozália Pál & Debora Revoltella & Wouter van der Wielen, 2022.
"Firm-level policy support during the crisis: So far, so good?,"
International Economics, CEPII research center, issue 171, pages 30-48.
- Harasztosi, Péter & Maurin, Laurent & Pál, Rozália & Revoltella, Debora & van der Wielen, Wouter, 2022. "Firm-level policy support during the crisis: So far, so good?," International Economics, Elsevier, vol. 171(C), pages 30-48.
- Harasztosi, Péter & Maurin, Laurent & Pál, Rozália & Revoltella, Debora & Van Der Wielen, Wouter, 2022. "Firm-level policy support during the crisis: So far, so good?," EIB Working Papers 2022/01, European Investment Bank (EIB).
- Marco Pagano & Josef Zechner, 2022.
"COVID-19 and Corporate Finance [The risk of being a fallen angel and the corporate dash for cash in the midst of COVID],"
The Review of Corporate Finance Studies, Society for Financial Studies, vol. 11(4), pages 849-879.
- Marco Pagano & Josef Zechner, 2022. "COVID-19 and Corporate Finance," CSEF Working Papers 651, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- Berger, Allen N. & Demirgüç-Kunt, Asli, 2021.
"Banking research in the time of COVID-19,"
Journal of Financial Stability, Elsevier, vol. 57(C).
- Berger,Allen N.,Demirguc-Kunt,Asli, 2021. "Banking Research in the Time of COVID-19," Policy Research Working Paper Series 9782, The World Bank.
- Polo, Andrea & Altavilla, Carlo & Ellul, Andrew & Pagano, Marco & Vlassopoulos, Thomas, 2021.
"Loan Guarantees, Bank Lending and Credit Risk Reallocation,"
CEPR Discussion Papers
16727, C.E.P.R. Discussion Papers.
- Carlo Altavilla & Andrew Ellul & Marco Pagano & Andrea Polo & Thomas Vlassopoulos, 2021. "Loan Guarantees, Bank Lending and Credit Risk Reallocation," CSEF Working Papers 629, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 30 Jul 2022.
- Carlo Altavilla & Andrew Ellul & Marco Pagano & Andrea Polo & Thomas Vlassopoulos, 2021. "Loan Guarantees, Bank Lending and Credit Risk Reallocation," EIEF Working Papers Series 2113, Einaudi Institute for Economics and Finance (EIEF), revised Nov 2021.
- Altavilla, Carlo & Ellul, Andrew & Pagano, Marco & Polo, Andrea & Vlassopoulos, Thomas, 2021. "Loan guarantees, bank lending and credit risk reallocation," CFS Working Paper Series 672, Center for Financial Studies (CFS).
- Elías Albagli & Andrés Fernández & Juan Guerra-Salas & Federico Huneeus & Pablo Muñoz, 2023. "Anatomy of Firms’ Margins of Adjustment: Evidence from the COVID Pandemic," Working Papers Central Bank of Chile 981, Central Bank of Chile.
- Sebnem Kalemli-Ozcan & Pierre-Olivier Gourinchas & Veronika Penciakova & Nick Sander, 2020.
"COVID-19 and SME Failures,"
IMF Working Papers
2020/207, International Monetary Fund.
- Pierre-Olivier Gourinchas & Ṣebnem Kalemli-Özcan & Veronika Penciakova & Nick Sander, 2020. "COVID-19 and SME Failures," FRB Atlanta Working Paper 2020-21, Federal Reserve Bank of Atlanta.
- Pierre-Olivier Gourinchas & Ṣebnem Kalemli-Özcan & Veronika Penciakova & Nick Sander, 2021. "Fiscal Policy in the Age of COVID: Does it ‘Get in all of the Cracks?’," NBER Working Papers 29293, National Bureau of Economic Research, Inc.
- Anna Cororaton & Samuel Rosen, 2021. "Public Firm Borrowers of the U.S. Paycheck Protection Program [The risk of being a fallen angel and the corporate dash for cash in the midst of COVID]," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 10(4), pages 641-693.
- Kozeniauskas, Nicholas & Moreira, Pedro & Santos, Cezar, 2022.
"On the cleansing effect of recessions and government policy: Evidence from Covid-19,"
European Economic Review, Elsevier, vol. 144(C).
- Pedro Dias Moreira & Nicholas Kozeniauskas, 2021. "On the Cleansing Effect of Recessions and Government Policy: Evidence from Covid-19," Working Papers w202118, Banco de Portugal, Economics and Research Department.
- Beck, Thorsten & Keil, Jan, 2022. "Have banks caught corona? Effects of COVID on lending in the U.S," Journal of Corporate Finance, Elsevier, vol. 72(C).
- Tetyana Balyuk & Nagpurnanand R. Prabhala & Manju Puri, 2020. "Indirect Costs of Government Aid and Intermediary Supply Effects: Lessons From the Paycheck Protection Program," NBER Working Papers 28114, National Bureau of Economic Research, Inc.
- Kazakov, Aleksandr & Koetter, Michael & Titze, Mirko & Tonzer, Lena, 2022. "Firm subsidies, financial intermediation, and bank risk," IWH Discussion Papers 2/2022, Halle Institute for Economic Research (IWH).
- Bellon, Aymeric & Harpedanne de Belleville, Louis-Marie & Pinardon-Touati, Noémie, 2021. "Mediating Financial Intermediation," MPRA Paper 108339, University Library of Munich, Germany.
- Beck, Thorsten & Keil, Jan, 2021. "Are Banks Catching Corona? Effects of COVID on Lending in the U.S," CEPR Discussion Papers 15869, C.E.P.R. Discussion Papers.
- Meghana Ayyagari & Yuxi Cheng & Ariel Weinberger, 2022. "Surviving Pandemics: The Role of Spillovers," CESifo Working Paper Series 9891, CESifo.
- Théo Nicolas & Stefano Ungaro & Éric Vansteenberghe, 2023. "Public-Guaranteed Loans, Bank Risk-Taking and Regulatory Capital Windfall [Prêts garantis par l'État, prise de risque bancaire et effet d'aubaine sur le capital réglementaire]," Débats économiques et financiers 41, Banque de France.
More about this item
Keywords
banking; private incentives; COVID-19; public guarantees; risk-shifting;All these keywords.
JEL classification:
- G01 - Financial Economics - - General - - - Financial Crises
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
- G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
- H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
NEP fields
This paper has been announced in the following NEP Reports:- NEP-BAN-2023-09-04 (Banking)
- NEP-EEC-2023-09-04 (European Economics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bde:wpaper:2318. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ángel Rodríguez. Electronic Dissemination of Information Unit. Research Department. Banco de España (email available below). General contact details of provider: https://edirc.repec.org/data/bdegves.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.