التفاصيل البيبلوغرافية
| العنوان: |
The Transmission of Liquidity Shocks: Evidence from Credit Rating Downgrades |
| المؤلفون: |
Karam, Philippe, Merrouche, Ouarda, Souissi, Moez, Turk, Rima |
| المجموعة: |
RePEc (Research Papers in Economics) |
| الوصف: |
We analyze the transmission of bank-specific liquidity shocks triggered by a credit rating downgrade through the lending channel. Using bank-level data for US Bank Holding Companies, we find that a credit rating downgrade is associated with an immediate and persistent decline in access to non-core deposits and wholesale funding, especially during the global financial crisis. This translates into a reduction in lending to households and non-financial corporates at home and abroad. The effect on domestic lending, however, is mitigated when banks (i) hold a larger buffer of liquid assets, (ii) diversify away from rating-sensitive sources of funding, and (iii) activate internal liquidity support measures. Foreign lending is significantly reduced during a crisis at home only for subsidiaries with weak funding self-sufficiency. ; credit ratings; credit supply; internal capital markets; liquidity management; multinational banks |
| نوع الوثيقة: |
report |
| اللغة: |
unknown |
| Relation: |
http://www.cepr.org/active/publications/discussion_papers/dp.php?dpno=10252 |
| الاتاحة: |
http://www.cepr.org/active/publications/discussion_papers/dp.php?dpno=10252 |
| رقم الانضمام: |
edsbas.56428049 |
| قاعدة البيانات: |
BASE |