We examine the long-lasting effects of the 2007 real estate price collapse on small business credit supply. Banks affected by the decline in real estate prices systematically contracted their credit to small firms. At the same time, regional and local banks, many of which were unaffected by the initial shock, increased small business lending to nearby borrowers and opportunistically expanded their branch networks, making gains in market share that persisted for the following decade. Although the net effect of the contraction in credit was negative, we show that opportunistic expansion tied to permanent market changes is an important offsetting force that dampened the negative effect on small firms during the GFC and its aftermath.

我们研究了 2007 年房地产价格暴跌对小企业信贷供应的长期影响。受房地产价格下跌影响的银行系统地收缩对小企业的信贷。与此同时，许多地区和地方银行并未受到最初冲击的影响，它们增加了对附近借款人的小企业贷款，并机会主义地扩大其分支机构网络，从而在接下来的十年中持续提高了市场份额。尽管信贷紧缩的净效应是负面的，但我们表明，与永久性市场变化相关的机会主义扩张是一种重要的抵消力量，它在全球金融危机及其后果中抑制了对小企业的负面影响。