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Sovereign debt exposure and the bank lending channel: Impact on credit supply and the real economy

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  • Bottero, Margherita
  • Lenzu, Simone
  • Mezzanotti, Filippo

Abstract

In the context of the European crisis, we show that the security portfolio of banks plays an important role in the propagation of financial shocks across countries. Using Italian loan-level data, we show that the shock to the banks' sovereign portfolio caused by the 2010 Greek bailout was passed on to Italian firms through a credit contraction. This was particularly the case for banks with a lower capital and less stable funding. The contraction in credit was similar for both large and small firms, but it only negatively affected the investment and employment decisions of small firms.

Suggested Citation

  • Bottero, Margherita & Lenzu, Simone & Mezzanotti, Filippo, 2020. "Sovereign debt exposure and the bank lending channel: Impact on credit supply and the real economy," Journal of International Economics, Elsevier, vol. 126(C).
    • Handle: RePEc:eee:inecon:v:126:y:2020:i:c:s0022199618303416
    DOI: 10.1016/j.jinteco.2020.103328
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    More about this item

    Keywords

    Banks; Credit; Financial fragility; Security markets; Sovereign debt; Financial contagion;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G2 - Financial Economics - - Financial Institutions and Services
    • G3 - Financial Economics - - Corporate Finance and Governance
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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