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| Tekijä: | Stanton, S. |
| Otsikko: | The underinvestment problem and patterns in bank lending |
| Lehti: | Journal of Financial Intermediation
1998 : JUL, VOL. 7:3, p. 293-326 |
| Asiasana: | FINANCIAL INTERMEDIARIES BANKING LOANS |
| Kieli: | eng |
| Tiivistelmä: | Financial theory suggests that leverage causes firms to underinvest and that the extent of underinvestments is related to the degree of financial leverage. This prediction is consistent with both time series and cross-sectional patterns in bank lending. Bank capital typically declines in recessions due to loan losses, and this effectively increases financial leverage. As a result, system-wide underinvestment by banks is a contributing factor in "credit crunches". |
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