国际清算银行-全球-投资策略-BIS工作论文：国际银行贷款和公司债务结构-20200415.pdf

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1、BISWorkingPapersNo857InternationalbanklendingandcorporatedebtstructurebyJose-MariaSerenaandSerafeimTsoukasMonetaryandEconomicDepartmentApril2020JELclassification:G21,G32,F32,F34.Keywords:creditlines;termloans;bankcapitalrequirements;firm-leveldata;non-bankfinancialinterm

2、ediaries.BISWorkingPapersarewrittenbymembersoftheMonetaryandEconomicDepartmentoftheBankforInternationalSettlements,andfromtimetotimebyothereconomists,andarepublishedbytheBank.Thepapersareonsubjectsoftopicalinterestandaretechnicalincharacter.Theviewsexpressedinthemarethos

3、eoftheirauthorsandnotnecessarilytheviewsoftheBIS.ThispublicationisavailableontheBISwebsite(www.bis.org).©BankforInternationalSettlements2020.Allrightsreserved.Briefexcerptsmaybereproducedortranslatedprovidedthesourceisstated.ISSN1020-0959(print)ISSN1682-7678(online)Inter

4、nationalbanklendingandcorporatedebtstructureJose-MariaSerenayandSerafeimTsoukaszApril2020AbstractUsingacross-countrysampleofbank-dependentpublicrmswestudytheinter-nationalspilloversofachangeinbankingregulationoncorporateborrowing.ForidenticationweexaminehowUSrms'liab

5、ilitiesvis-a-visbanks,non-banklendersandbondmarketsevolveafteranincreaseincapitalrequirementsimplementedbytheEuropeanBankingAuthority(EBA)in2011.WendthatUSrmsexperienceare-ductionincreditlinesbutnotintermloansfromEUbanks.Inaddition,USrmsareabletocompensateforthereduc

6、tionincreditlinesfromEUbanksbysecuringliquidityfacilitiesfromUSnon-banknancialinstitutions,withoutincreasingborrowingfromcorporatebondmarkets.Theseresultssuggestthatdiversieddomesticloanmarkets,withbothbanksandnon-banknancialinstitutionsprovidingloanstocorporations,ca

7、nhelpovercomecutsincross-borderbankfunding.Keywords:Creditlines;termloans;bankcapitalrequirements;rm-leveldata;non-banknancialintermediaries.JEL:G21,G32,F32,F34Wearegratefulforcomments,suggestions,anddiscussionstoRolfCampos,StijnClaessens,TimEisert,LauraHospido,Enisse

8、Kharroubi,UlfLewrick,PatrickMcGuire,DubravkoMihaljek,StevenOngena,IlianaReggio,YasushiShiina,El}odTaka