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De-leveraging or de-risking? How banks cope with loss

Author

Listed:
  • Rhys Bidder

    (University of Cambridge)

  • John Krainer

    (Federal Reserve Board)

  • Adam Shapiro

    (Federal Reserve Bank of San Francisco)

Abstract

We use variation in banks' loan exposure to industries adversely affected by the oil price declines of 2014 to explore how they respond to a net worth shock. Using granular data obtained under the Fed's stress testing programs we show that exposed banks tightened credit on corporate lending and on mortgages that they would ultimately hold on their balance sheet. However, they expanded credit for mortgages to be securitized, particularly those that are government-backed. Thus, banks re-balance their portfolio so as to lower their average risk weight, rather than scaling back the size of their balance sheet, as looking at on-balance-sheet corporate or residential lending alone would suggest. These results show the importance of taking a cross-balance sheet perspective when examining bank behavior. In addition, in terms of the ultimate ‘credit channel’ to firms and households, we show precisely how borrowers substitute to alternative financing when banks they initially borrow from tighten credit. In showing that there was ultimately a minimal impact on borrowers' overall funding, we provide a benchmark for crisis-period studies, which typically find a powerful credit channel effect. (Copyright: Elsevier)

Suggested Citation

  • Rhys Bidder & John Krainer & Adam Shapiro, 2021. "De-leveraging or de-risking? How banks cope with loss," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 39, pages 100-127, January.
  • Handle: RePEc:red:issued:19-100
    DOI: 10.1016/j.red.2020.06.014
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    Cited by:

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    2. Rhys Bidder & John Krainer & Adam Hale Shapiro, 2018. "How Do Banks Cope with Loss?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco.
    3. Friederike Niepmann & Tim Schmidt‐Eisenlohr & Emily Liu, 2021. "The effect of US stress tests on monetary policy spillovers to emerging markets," Review of International Economics, Wiley Blackwell, vol. 29(1), pages 165-194, February.
    4. Teng Wang, 2020. "Branching Networks and Geographic Contagion of Commodity Price Shocks," Finance and Economics Discussion Series 2020-034, Board of Governors of the Federal Reserve System (U.S.).
    5. Fuster, Andreas & Schelling, Tan & Towbin, Pascal, 2021. "Tiers of Joy? Reserve Tiering and Bank Behavior in a Negative-Rate Environment," CEPR Discussion Papers 16191, C.E.P.R. Discussion Papers.
    6. Friederike Niepmann & Tim Schmidt-Eisenlohr, 2018. "Global Investors, the Dollar, and U.S. Credit Conditions," CESifo Working Paper Series 7288, CESifo.
    7. Agarwal,Sumit & Correa,Ricardo & Morais,Bernardo & Roldan,Jessica & Ruiz Ortega,Claudia, 2020. "Owe a Bank Millions, the Bank Has a Problem : Credit Concentration in Bad Times," Policy Research Working Paper Series 9202, The World Bank.
    8. Bats, Joost V. & Houben, Aerdt C.F.J., 2020. "Bank-based versus market-based financing: Implications for systemic risk," Journal of Banking & Finance, Elsevier, vol. 114(C).
    9. Yao Axel Ehouman, 2019. "Volatility transmission between oil prices and banks stock prices as a new source of instability: Lessons from the US Experience," EconomiX Working Papers 2019-19, University of Paris Nanterre, EconomiX.
    10. Mr. Divya Kirti, 2017. "When Gambling for Resurrection is Too Risky," IMF Working Papers 2017/180, International Monetary Fund.
    11. Boufateh, Talel & Saadaoui, Zied, 2021. "The time-varying responses of financial intermediation and inflation to oil supply and demand shocks in the US: Evidence from Bayesian TVP-SVAR-SV approach," Energy Economics, Elsevier, vol. 102(C).

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    More about this item

    Keywords

    Bank lending channel; Credit channel; Banking;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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