NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Specialization in Bank Lending: Evidence from Exporting Firms

Daniel Paravisini, Veronica Rappoport, Philipp Schnabl

NBER Working Paper No. 21800
Issued in December 2015, Revised in August 2017
NBER Program(s):Corporate Finance, International Trade and Investment

We develop an empirical approach for identifying specialization in bank lending using granular data on borrower activities. We illustrate the approach by characterizing bank specialization by export market, combining bank, loan, and export data for all firms in Peru. We find that all banks specialize in at least one export market, that specialization affects a firm’s choice of new lenders and how to finance exports, and that credit supply shocks disproportionately affect a firm’s exports to markets where the lender specializes in. Thus, bank market-specific specialization makes credit difficult to substitute, with consequences for competition in credit markets and the transmission of credit shocks to the economy.

download in pdf format
   (479 K)

email paper

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w21800

Users who downloaded this paper also downloaded* these:
Yermack w21802 Corporate Governance and Blockchains
Lerner, Schoar, Sokolinski, and Wilson w21808 The Globalization of Angel Investments: Evidence across Countries
Frydman and Papanikolaou w21795 In Search of Ideas: Technological Innovation and Executive Pay Inequality
Caliendo, Mion, Opromolla, and Rossi-Hansberg w21811 Productivity and Organization in Portuguese Firms
Hanson, Lind, and Muendler w21753 The Dynamics of Comparative Advantage
 
Publications
Activities
Meetings
NBER Videos
Themes
Data
People
About

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us