کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5088047 1478292 2017 53 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The effect of TARP on the propagation of real estate shocks: Evidence from geographically diversified banks
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
The effect of TARP on the propagation of real estate shocks: Evidence from geographically diversified banks
چکیده انگلیسی
This study examines the effect of TARP on the propagation of real estate shocks via geographically diversified banks in the U.S. I find that TARP money provided for banks exposed to distressed areas (i.e., “affected” banks) was positively associated with small business loan originations in “non-distressed” areas (i.e., counties with smaller real estate shocks), mitigating the shock transmission. In addition, the bailout funds facilitated “affected” banks' faster return to their pre-crisis level of franchise value. Overall, the marginal benefit of TARP funds seems to have been greater for “affected” TARP banks. I conclude that this policy helped “affected” banks cleanse/strengthen their balance sheets and recapitalize, which paved the way for increased lending.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 83, October 2017, Pages 173-192
نویسندگان
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