Abstract

We analyze the credit supply and real effects of bank bail-ins by exploiting the unexpected failure and subsequent resolution of a major Portuguese bank. Using loan-level data, we show that while firms more exposed to the bail-in suffered a significant contraction of credit at the intensive margin, they were on average able to compensate for the supply-driven shock. However, affected SMEs experienced a binding reduction of funds available through credit lines, and those with lower internal liquidity increased precautionary cash holdings and reduced investment and employment. Our results highlight the trade-off policymakers face when considering this new bank resolution mechanism.

中文翻译：

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分享痛苦？信贷供应与银行纾困的实际效果

摘要

我们通过利用一家葡萄牙大型银行的意外失败和后续解决方案，分析信贷供应和银行纾困的实际影响。使用贷款级别的数据，我们表明，虽然更多地接受纾困的公司在密集的利润率下遭受了重大的信贷收缩，但它们平均而言能够弥补由供应驱动的冲击。然而，受影响的中小型企业经历了可通过信贷额度使用的资金的减少，而内部流动性较低的中小型企业增加了预防性现金持有量，并减少了投资和就业。我们的结果凸显了在考虑这种新的银行解决机制时，决策者所面临的权衡取舍。