The Real Effects of Asset Market Bubbles: Loan- and Firm-Level Evidence of a Lending Channel

By Jie Gan. 2007

386 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/46610e5a21be4a291eb89a6c523d50196f02b617

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

1. Simone Lenzu
2. Filippo Mezzanotti
3. Margherita Bottero
4. Julien Hugonnier
5. Erwan Morellec
6. Semyon Malamud
7. A. Costello

In Finance

1. Julien Hugonnier
2. Simone Lenzu
3. Filippo Mezzanotti
4. Margherita Bottero
5. Erwan Morellec
6. Semyon Malamud
7. A. Costello
8. Gustavo Manso

Citations in the corpus

• Credit Market Disruptions and Liquidity Spillover Effects in the Supply Chain (2020, positive): “Gan (2007), Almeida et al. (2012), and Chodorow-Reich (2014) link the contraction in the supply of credit to a reduction in the borrowers’ investment and employment levels.”
• The impact of recent financial shocks on the financing and investment policies of UK private firms (2013, neutral): “However, the main challenge in estimating the effect of credit supply shocks on firms’ financial and investment behaviour arises from clearly disentangling the supply effect from the endogenous demand effect (Gan, 2007; Chava and Purnanandam, 2011).”
• Does Credit Crunch Investment Down? New Evidence on the Real Effects of the Bank-Lending Channel (2016, neutral): “…and Weinstein 2013), or provided estimates that may be potentially biased by credit demand effects (Chava and Purnandam 2011, Campello et al. 2010, Gan 2007, Gaiotti 2013).1 We focus on the Italian case because of a peculiar feature of the transmission 1We defer a thorough discussion of the…”
• Interbank Liquidity Crunch and the Firm Credit Crunch: Evidence from the 2007--2009 Crisis (2013, neutral): “…is also related to the strands of literature that study in general the costs of banking crises (Bernanke 1983; Bernanke and Lown 1991; Peek and Rosengreen 2000; Ongena, Smith, and Michalsen 2003; Calomiris and Mason 2003; Gan 2007; Dell’Ariccia, Detragiache, and Rajan 2008; Iyer and Peydró 2011).”
• Bank lending in uncertain times (2020, neutral): “…different banks at once, to introduce in the regressions time-varying fixed effects that vary at the firm level, thus controlling for changes in observed and unobserved firm characteristics as well as general business cycle conditions (Gan, 2007; Khwaja and Mian, 2008; Jimenéz et al. 2012, 2014).”
• Capital Supply Uncertainty, Cash Holdings, and Investment (2014, positive): “…predicts that a negative shock to the supply of capital may hamper investment even if firms have enough financial slack to fund all investment opportunities internally, consistent with the evidence in Gan (2007), Becker (2007), Lemmon and Roberts (2007), and Campello, Graham, and Harvey (2010).”
• Housing Price Booms and Crowding-Out Effects in Bank Lending (2018, neutral): “Much has been written about the negative real effects of asset price crashes (see, e.g., Gan (2007a), Gan (2007b) and Peek and Rosengren (2000)).”
• Sovereign debt exposure and the bank lending channel: Impact on credit supply and the real economy (2020, positive): “Other studies employing a similar within-firm identification strategy have treated the estimated fixed e ects as nuisance parameters (Gan 2007b; Khwaja and Mian 2008; Jiménez and Ongena 2012; Cingano et al. 2016; Jiménez et al. 2014).”