BRUN, Matthieu; FRAISSE, Henri; THESMAR, David

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BRUN, Matthieu
Les Afriques dans le monde [LAM]

FRAISSE, Henri

THESMAR, David
Groupement de Recherche et d'Etudes en Gestion à HEC [GREGH]

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Document de travail - Pré-publication

Resumen en inglés

We measure the impact of bank capital requirements on corporate borrowing and investment using loan-level data. The Basel II regulatory framework makes capital requirements vary across both banks and across firms, which allows us to control for firm-level credit demand shocks and bank-level credit supply shocks. We find that a 1 percentage point increase in capital requirements reduces lending by 10%. Firms can attenuate this reduction by substituting borrowing across banks, but only partially. The resulting reduction in borrowing capacity impacts investment, but not working capital: Fixed assets are reduced by 2.6%, but lending to customers is unaffected.< Leer menos

Palabras clave en inglés

Bank capital ratios

Bank regulation

Credit supply

Orígen

Importado de Hal

Centros de investigación

Les Afriques dans le monde (LAM) - UMR 5115