Banking crisis and the lending channelevidence from industrial firms in development countries

  1. Fernández Álvarez, Ana Isabel
  2. González Rodríguez, Francisco
  3. Suárez Suárez, Nuria
Revista:
Revista española de financiación y contabilidad

ISSN: 0210-2412

Año de publicación: 2013

Número: 158

Páginas: 137-164

Tipo: Artículo

DOI: 10.1080/02102412.2013.10779743 DIALNET GOOGLE SCHOLAR

Otras publicaciones en: Revista española de financiación y contabilidad

Información de financiación

* Acknowledgments: We thank Elena Cubillas, Isabel Feito, Víctor González, Susana Menéndez; participants at the IV Research Forum of the Spanish Journal of Finance and Accounting in Seville (2011), 4th International Risk Management Conference in Amsterdam (2011), the ACEDE Conference in Barcelona (2011), the XIX Finance Forum in Granada (2011), and the 10th INFINITI Conference on International Finance in Dublin (2012); the two anonymous referees, and the Editor (Pablo de Andrés) for their helpful comments and suggestions. Financial support from the Spanish Ministry of Science and Innovation (MCI), Project MICINN-09-ECO2009-11758, is gratefully acknowledged. Nuria Suárez also acknowledges financial support from the Spanish Ministry of Science and Innovation (MCI), Project MICINN-09-ECO2009-12819. ** Corresponding author: Nuria Suárez. Public University of Navarre. Faculty of Business and Economics. Arrosadía Campus, 31006, Pamplona (Spain) Phone: +34-948 166 085. Fax: +34-948 169 404 E-mail: nuria.suarez@unavarra.es

Referencias bibliográficas

  • Arellano, M., and Bond, S. 1991. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies 58: 277-297.
  • Barth, J. R.; Caprio, G., and Levine, R. 2004. Bank regulation and supervision: What works best?. Journal of Financial Intermediation 13: 205-248.
  • Beck, T.; Demirgüç-Kunt, A., and Levine, R. 2006a. Bank concentration, competition, and crisis: f rst results. Journal of Banking and Finance 30: 1,581-1, 603.
  • Beck, T.; Lundberg, M., and Majnoni, G. 2006b. Financial intermediary development and growth volatility: Do intermediaries dampen or magnify shocks? Journal of International Money and Finance 25: 1146-1167.
  • Berlin, M., and Mester, L. J. 1999. Deposits and relationship lending. Review of Financial Studies 12: 579-607.
  • Booth, L.; Aivazian, V.; Demirgüç-Kunt, A., and Maksimovic, V. 2001. Capital structure in developing countries. Journal of Finance 56: 87-130.
  • Braun, M., and Larrain, B. 2005. Finance and the business cycle: International, inter-industry evidence. Journal of Finance 60: 1097-1128.
  • Cetorelli, N., and Gambera, M. 2001. Banking market structure, financial dependence, and growth: international evidence from industry data. Journal of Finance 56: 617-648.
  • Chava, S., and Purnanandam, A. 2011. The effects of banking crises on bank-dependent borrowers. Journal of Financial Economics 99: 755-786.
  • Claessens, S., and Laeven, L. 2003. Financial development, property rights, and growth. Journal of Finance 58: 2401-2436.
  • D'Auria, C.; Foglia, A., and Reedtz, P. 1999. Bank interest rates and credit relationship in Italy. Journal of Banking and Finance 23: 1067-1093.
  • Degryse, H., and Ongena, S. 2005. Distance, lending relationships, and competition. Journal of Finance 60: 231-266.
  • Dell'Ariccia, G.; Detragiache, E., and Rajan R. 2008. The real effects of banking crises. Journal of Financial Intermediation 7: 89-112.
  • Demirgüç-Kunt, A.; Laeven, L., and Levine, R. 2004. Regulations, market structure, institutions, and the cost of financial intermediation. Journal of Money Credit and Banking 36: 593-622.
  • Demirgüç-Kunt, A., and Maksimovic, V. 1999. Institutions, financial markets, and firms debt maturity. Journal of Financial Economics 54: 295-336.
  • Detragiache, E.; Garella, P., and Guiso, L. 2000. Multiple versus single banking relationships: theory and evidence. Journal of Finance 55: 1133-1161.
  • Fan, J. P. H.; Titman, S., and Twite, G. 2006. An international comparison of capital structure and debt maturity choices. AFA, 2005 Philadelphia Meetings.
  • Fernández, A. I.; González, F., and Suárez, N. 2010. How institutions and regulation shape the Influence of bank concentration on economic growth: international evidence. International Review of Law and Economics 30: 28-36.
  • Flannery, M. J., and Rangan, K. P. 2006. Partial adjustment toward target capital structures. Journal of Financial Economics 79: 469-506.
  • Frank, M., and Goyal, V. K. 2003. Testing the Pecking Order Theory of capital structure. Journal of Financial Economics 67: 217-248.
  • Gaud, P.; Jani, E.; Hoesli, M., and Bender, A. 2005. The capital structure of Swiss companies: An empirical analysis using Dynamic Panel Data. European Financial Management 11: 51-69.
  • Giannetti, M. 2003. Do better institutions mitigate agency problems? Evidence from corporate finance choices. Journal of Financial and Quantitative Analysis 38: 185-212.
  • Gilson, S. C.; John, K., and Lang, L. P. H. 1990. Troubled debt restructurings. An empirical study of private reorganization of firms in default. Journal of Financial Economics 27: 315-353.
  • González, V. M., and González F. 2008. Influence of bank concentration and institutions on capital structure: New international evidence. Journal of Corporate Finance 14: 363-375.
  • Gujarati, D. N. 2003. Basic Econometrics (4.th ed.). Boston: McGraw Hill.
  • Harris, M., and Raviv, A. 1991. The theory of capital structure. Journal of Finance 46: 297-355.
  • James, C. 1995. When do banks take equity in debt restructurings. Review of Financial Studies 8: 1209-1234.
  • Jensen, M. 1986. Agency cost of free cash flow, corporate finance, and takeovers. American Economic Review 76: 323-329.
  • Klein, M. 1971. A theory of the banking firm. Journal of Money, Credit, and Banking 3: 205-218.
  • Kroszner, R. S.; Laeven, L., and Klingebiel, D. 2007. Banking crises, financial dependence and growth. Journal of Financial Economics 84: 187-228.
  • Laeven L., and Valencia, F. 2008. Systemic banking crises: a new database. IMF Working Paper, WP/08/224.
  • La Porta, R.; López-de-Silanes, F., and Shleifer, A. 1997. Legal determinants of external finance. Journal of Finance 52: 1131-1150.
  • La Porta, R.; López-de-Silanes, F., and Shleifer, A. 1998. Law and finance. Journal of Political Economy 106: 1113-1155.
  • La Porta, R.; López-de-Silanes, F.; Shleifer, A., and Vishny, R. 2000. Investor protection and corporate governance. Journal of Financial Economics 58: 3-27.
  • Levine, R.; Loayza, N., and Beck, T. 2000. Financial intermediation and growth: Causality and causes. Journal of Monetary Economics 46: 31-77.
  • Love, I.; Lorenzo, A. P., and Sarria-Allende, V. 2007. Trade credit and bank credit: Evidence from recent financial crises. Journal of Financial Economics 83: 453-469.
  • Petersen, M. A., and Rajan, R. G. 1994. The benefits of lending relationships: evidence from small business data. Journal of Finance 49: 1367-1400.
  • Petersen, M. A., and Rajan, R. G. 1995. The effect of credit market competition on lending relationships. Quarterly Journal of Economics 110: 407-443.
  • Rajan, R. G., and Zingales, L. 1995. What do we know about capital structure? Some evidence from international data. Journal of Finance 50: 1421-1460.
  • Rajan, R. G., and Zingales, L. 1998. Financial dependence and growth. American Economic Review 88: 559-586.
  • Saunders, A. 1994. Banking and commerce: an overview of the public policy issues. Journal of Banking and Finance 18: 231-254.
  • Studenmund, A. H. 2006. Using Econometrics: A Practical Guide (5.th ed.). Pearson International (Ed.).
  • Titman, S., and Wessels, R. 1988. The determinants of capital structures choice. Journal of Finance 43: 1-19.
  • Uhde, A., and Heimeshoff, U. 2009. Consolidation in banking and financial stability in Europe: Empirical evidence. Journal of Banking and Finance 33: 1299-1311.