We examine the relation between geopolitical risk and the cost of bank loans using a sample of 31,004 loan facilities in the US over the period 1991–2019. We show that geopolitical risk is associated with higher loan prices and more stringent nonprice loan terms. With one standard deviation increase in the geopolitical risk index, the average cost of bank loans increases by 7.253 basis points. Delving into the components of geopolitical risk, we find that the effects of geopolitical acts on the cost of bank loans and nonprice loan terms are more pronounced than those of geopolitical threats.

中文翻译：

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地缘政治风险和银行贷款成本

我们使用 1991 年至 2019 年期间美国 31,004 笔贷款的样本来检验地缘政治风险与银行贷款成本之间的关系。我们表明，地缘政治风险与更高的贷款价格和更严格的非价格贷款条款有关。地缘政治风险指数每增加一个标准差，银行贷款的平均成本就会增加 7.253 个基点。深入研究地缘政治风险的组成部分，我们发现地缘政治行为对银行贷款成本和非价格贷款条款的影响比地缘政治威胁更为明显。