Credit derivatives and bank credit supply外文翻译.pdf

J. Finan. Intermediation 18 (2009) 125–150 Contents lists available at ScienceDirect J. Finan. Intermediation /locate/jfi Credit derivatives and bank credit supply Beverly Hirtle ∗ Federal Reserve Bank of New York, USA a r t i c l e i n f o a b s t r a c t Article history: Credit derivatives are the latest in a series of innovations that Received 2 May 2007 have had a significant impact on credit markets. Using a micro Available online 15 August 2008 data set of individual corporate loans, this paper explores whether use of credit derivatives is associated with an increase in bank JEL classification: G21 credit supply. We find only limited evidence that greater use of G32 credit derivatives is associated with greater supply of bank credit. The strongest effect is for large term loans—newly negotiated loan Keywords: extensions to large corporate borrowers, with a largely negative Credit derivatives impact on (previously negotiated) commitment lending. Even Risk management for large term borrowers, increases in the volume of credit are Credit supply offset by higher spreads. These findings suggest that the benefits Ban