NBER Working Papers by José-Luis Peydró

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Working Papers

December 2010Local Versus Aggregate Lending Channels: The Effects Of Securitization On Corporate Credit Supply In Spain
with Gabriel Jiménez, Atif R. Mian, Jesús Saurina: w16595
While banks may change their supply of credit due to bank balance sheet shocks (the local lending channel), firms can react by adjusting their sources of financing in equilibrium (the aggregate lending channel). We formalize a methodology for separately estimating these effects. We estimate the local and aggregate lending channel effects of the banks' ability to securitize real estate assets on non-real estate firms in Spain. We show that equilibrium dynamics nullify the strong local lending channel effect on credit quantity for firms with multiple banking relationships. However, credit terms for these firms become significantly more favorable due to securitization. Securitization also leads to an expansion in credit on the extensive margin towards first-time bank clients, and these borrow...

Published: Gabriel Jimenez & Atif Mian & Jose-Luis Peydro & Jesus Saurina, 2011. "Local versus aggregate lending channels : the effects of securitization on corporate credit supply in Spain," Proceedings, Federal Reserve Bank of Chicago, issue May, pages 210-220.

June 2009What Lies Beneath the Euro's Effect on Financial Integration: Currency Risk, Legal Harmonization, or Trade?
with Sebnem Kalemli-Ozcan, Elias Papaioannou: w15034
Although recent research shows that the euro has spurred cross-border financial integration, the exact mechanisms remain unknown. We investigate the underlying channels of the euro's effect on financial integration using data on bilateral banking linkages among twenty industrial countries in the past thirty years. We also construct a dataset that records the timing of legislative-regulatory harmonization policies in financial services across the European Union. We find that the euro's impact on financial integration is primarily driven by eliminating the currency risk. Legislative-regulatory convergence has also contributed to the spur of cross-border financial transactions. Trade in goods, while highly correlated with bilateral financial activities, does not play a key role in explaining ...

Published: Journal of International Economics. Volume 81, Issue 1, May 2010, Pages 75-88 citation courtesy of

April 2009Financial Regulation, Financial Globalization and the Synchronization of Economic Activity
with Sebnem Kalemli-Ozcan, Elias Papaioannou: w14887
We analyze the impact of financial globalization on business cycle synchronization utilizing a proprietary database on banks' international exposure for industrialized countries during 1978- 2006. Theory makes ambiguous predictions and identification has been elusive due to lack of bilateral time-varying financial linkages data. In contrast to conventional wisdom and previous empirical studies, we identify a strong negative effect of banking integration on output synchronization, conditional on global shocks and country-pair heterogeneity. Similarly, we show divergent economic activity as a result of higher integration using an exogenous de-jure measure of integration based on financial regulations that harmonized segmented EU markets.

Published: Sebnem Kalemli-Ozcan & Elias Papaioannou & José-Luis Peydró, 2013. "Financial Regulation, Financial Globalization, and the Synchronization of Economic Activity," Journal of Finance, American Finance Association, vol. 68(3), pages 1179-1228, 06. citation courtesy of

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