【摘要】 本文运用全球31个新兴市场国家商业银行1996-2012年的财务报表数据,从宏观层面与银行层面研究了银行的信贷增长受资本急停影响是否存在截面差异性。研究发现,资本急停发生多会导致一国银行信贷量的大幅下降,但该效应受不同宏观经济环境与银行稳健特征的约束而具有显著的差异性。进一步的研究表明,在大多数情况下,经济增长、资本充足率、流动性及具有外资股权在减弱资本急停对银行信贷的不利影响中发挥着更为明显的稳定作用。而无论是在高货币贬值还是低贬值时,银行的资本充足特征都发挥着更加突出的积极效应。更多还原

【Abstract】 In this paper, we use commercial banks’ annual financial statement data of years between 1996 and 2012,to analyze whether the commercial banks’ lending of 31 emerging countries is affected by the sudden stops from the macroscopic perspective at the bank level. In order to analyze the different propertie s of sudden stops, we not only make comparison among BRICs, but also take into consideration of their differences regarding the degree of currency depreciation. The research shows that in most cases, sudden stops will lead to a sharp drop in the volume of commercial banks’ credit, which is restricted by banks’ specific capital background and policy environment. In the particular case, average capital adequacy ratio,liquidity and foreign banks play an important stabilizing role in the weakened sudden stops’ adverse effect on bank credit. As for the high and low degree of currency devaluation, foreign banks and liquidity play a more significant and positive role.更多还原