Do banks discriminate sectoral real investment?
AbstractUsing new sectoral data on Spanish capital stock, real investment and credit we check for the presence of bank preferences for lending to particular branches of the economy. We show that these subsectors share specific characteristics in the levels and components of their cost of use of capital. We find a “preferred habitat” for banks in three sectors: Housing, Real Estate and Construction. Also, commercial banks appear to be more sensitive towards credit demand by nonfinancial firms than savings banks. The latter ones concentrate their lending into the three sectors mentioned above.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 15868.
Date of creation: 2005
Date of revision: 2005
Real investments; bank credit; mismatch;
Find related papers by JEL classification:
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Gary Gorton & James A. Kahn, 1993.
"The Design of Bank Loan Contracts, Collateral, and Renegotiation,"
NBER Working Papers
4273, National Bureau of Economic Research, Inc.
- Gorton, G. & Khan, J., 1992. "The Design of Bank Loan Contracts, Collateral, and Renegociation," RCER Working Papers 327, University of Rochester - Center for Economic Research (RCER).
- Xavier Freixas & Jean-Charles Rochet, 1997. "Microeconomics of Banking," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262061937, December.
- Michael Faulkender & Mitchell A. Petersen, 2006.
"Does the Source of Capital Affect Capital Structure?,"
Review of Financial Studies, Society for Financial Studies,
Society for Financial Studies, vol. 19(1), pages 45-79.
- Michael Faulkender & Mitchell A. Petersen, 2003. "Does the Source of Capital Affect Capital Structure?," NBER Working Papers 9930, National Bureau of Economic Research, Inc.
- Steven A. Sharpe, 1989.
"Asymmetric information, bank lending, and implicit contracts: a stylized model of customer relationships,"
Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.)
70, Board of Governors of the Federal Reserve System (U.S.).
- Sharpe, Steven A, 1990. " Asymmetric Information, Bank Lending, and Implicit Contracts: A Stylized Model of Customer Relationships," Journal of Finance, American Finance Association, American Finance Association, vol. 45(4), pages 1069-87, September.
- Myerson, Roger B, 1979.
"Incentive Compatibility and the Bargaining Problem,"
Econometrica, Econometric Society,
Econometric Society, vol. 47(1), pages 61-73, January.
- Roger B. Myerson, 1977. "Incentive Compatability and the Bargaining Problem," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 284, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Diamond, Douglas W, 1991. "Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 99(4), pages 689-721, August.
- Boot, Arnoud W. A. & Thakor, Anjan V. & Udell, Gregory F., 1991.
"Credible commitments, contract enforcement problems and banks: Intermediation as credibility assurance,"
Journal of Banking & Finance, Elsevier,
Elsevier, vol. 15(3), pages 605-632, June.
- Boot, A.W.A. & Thakor, A.V. & Udell, G.F., 1987. "Credible commitments, contract enforcement problems and banks: Intermediation as credibility assurance," Research Memorandum, Tilburg University, Faculty of Economics and Business Administration 282, Tilburg University, Faculty of Economics and Business Administration.
- Rajan, Raghuram G, 1992. " Insiders and Outsiders: The Choice between Informed and Arm's-Length Debt," Journal of Finance, American Finance Association, American Finance Association, vol. 47(4), pages 1367-400, September.
- Jacob L. Vigdor, 2004. "Liquidity Constraints and Housing Prices: Theory and Evidence from the VA Mortgage," NBER Working Papers 10611, National Bureau of Economic Research, Inc.
- Bolton, Patrick & Scharfstein, David S, 1990. "A Theory of Predation Based on Agency Problems in Financial Contracting," American Economic Review, American Economic Association, American Economic Association, vol. 80(1), pages 93-106, March.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).
If references are entirely missing, you can add them using this form.