Abstract

http://ssrn.com/abstract=1538892
 
 

Citations (11)



 


 



Loan Syndication and Credit Cycles


Victoria Ivashina


Harvard University; National Bureau of Economic Research (NBER)

David S. Scharfstein


Harvard Business School - Finance Unit; National Bureau of Economic Research (NBER)

January 18, 2010

American Economic Review, Forthcoming

Abstract:     
Cyclicality in the supply of business credit has been the focus of a considerable amount of research. This cyclicality can stem from shocks to borrowers’ collateral, which affect firms’ ability to raise capital if agency and information problems are significant (Ben S. Bernanke and Mark Gertler, 1989). Or it can stem from shocks to bank capital, which affects the supply of bank loans if agency and information problems limit the ability of banks to raise additional capital (Bernanke, 1983). In this paper, we examine cyclicality in the supply of credit in the context of modern forms of banking, often referred to as the “originate-to-distribute” model. In particular, we focus on the role of syndicated lending.

Number of Pages in PDF File: 11

Keywords: Banks, Credit, Syndicated loans

JEL Classification: E4, E5, G2

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Date posted: January 20, 2010  

Suggested Citation

Ivashina, Victoria and Scharfstein, David S., Loan Syndication and Credit Cycles (January 18, 2010). American Economic Review, Forthcoming. Available at SSRN: http://ssrn.com/abstract=1538892

Contact Information

Victoria Ivashina (Contact Author)
Harvard University ( email )
Harvard Business School
Baker Library 233
Boston, MA 02163
United States
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
David S. Scharfstein
Harvard Business School - Finance Unit ( email )
Boston, MA 02163
United States
617-496-5067 (Phone)
617-496-8443 (Fax)
HOME PAGE: http://www.people.hbs.edu/dscharfstein/
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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