Lending relationships, bank default and economic activity

International Journal of Phytoremediation

Volumn 21, Issue 1, 1999, Pages 257-280

  Ongena, Steven ^a  

^a BI NORWEGIAN BUSINESS SCHOOL   (Norway)

Author keywords

Bank default; Lending relationship

Indexed keywords

EID: 9744234664     PISSN: 15226514     EISSN: 15497879     Source Type: Journal    
DOI: 10.1080/13571519984269     Document Type: Article

References (184)

1. Abken, P.A., 1986. “ 'Commercial Paper,' ”. In Financial Markets: Instruments and Concepts, Edited by: Brick, J.R., Baker, H.K., and Haslem, J., 101–17. New York: Reston.
2. Aharony, J., and Swary, I., 1983. 'Contagion Effects of Bank Failures: Evidence from Capital Markets,'. Journal of Business, 56: 305–22.
3. Aharony, J., and Swary, I., 1996. 'Additional Evidence on the Information-based Contagion Effects of Bank Failures,'. Journal of Banking and Finance, 20: 57–69.
4. Akerlof, G., and Romer, P.M., 1993. 'Looting: The Economic Underworld of Bankruptcy for Profit,'. Brookings Papers on Economic Activity, 2: 1–73.
5. Allen, M., Madura, J., and Wiant, K., 1995. 'Commercial Bank Exposure and Sensitivity to the Real Estate Market,'. Journal of Real Estate Research, 10: 32–67.
6. Altman, E.I., 1985. “ 'Managing the Commercial Lending Process,' ”. In Handbook for Banking Strategy, Edited by: Aspinwall, R.C., and Eisenbeis, R.A., 473–510. New York: John Wiley.
7. Arshadi, N., and Lawrence, E.C., 1991. 'Managing Problem Loans: Avoid Complacency, Stress thorough Review Process, National Study Suggests,'. The Magazine of Bank Management,: 36–8.
8. Baltensperger, E., 1978. 'Credit Rationing: Issues and Questions,'. Journal of Money, Credit and Banking, 10
9. Banerjee, A.V., 1992. 'A Simple Model of Herd Behavior,'. Quarterly Journal of Economics, 57: 797–817.
10. Barker, D., and Holdsworth, D., 1993. 'The Causes of Bank Failures in the 1980s,'. Federal Reserve Bank of New York, Research Paper 25
11. Barth, J.R., Brumbaugh, R.D., and Litan, R.E., 1992. The Future of American Banking, New York: Sharpe.
12. Benston, G.J., Eisenbeis, R.A., Horvitz, P.M., Kane, E.J., and Kaufman, G.G., 1986. Perspectives on Safe and Sound Banking, Cambridge: MIT Press.
13. Berger, A.N., and Davies, S.M., 1994. “ 'The Information Content of Bank Examinations,' ”. Finance and Economics Discussion Series 20 Board of Governors of the Federal Reserve System.
14. Berger, A.N., and DeYoung, R., 1995. “ 'Problem Loans and Cost Efficiency in Commercial Banks,' ”. Economic and Policy Analysis Working Paper 5 Comptroller of the Currency.
15. Berger, A.N., and Udell, G.F., 1993. “ 'Securitization, Risk and the Liquidity Problem in Banking,' ”. In Structural Change in Banking, Edited by: Klausner, M., and White, L.J., 227–91. New York: New York University Salomon Center.
16. Berger, A.N., and Udell, G.F., 1995a. 'Relationship Lending and Lines of Credit in Small Firm Finance,'. Journal of Business, 68: 351–81.
17. Berger, A.N., and Udell, G.F., 1995b. “ 'Universal Banking and the Future of Small Business Lending,' ”. Finance and Economics Discussion Series 21 Federal Reserve Board.
18. Bernanke, B.S., 1983. 'Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression,'. American Economic Review, 73: 257–76.
19. Bernanke, B.S., 1993. 'Credit in the Macroeconomy,'. Federal Reserve Bank of New York Quarterly Review, 18: 50–70.
20. Bernanke, B.S., and Blinder, A.S., 1988. 'Money, Credit and Aggregate Demand,'. American Economic Review, 82: 901–21.
21. Bernanke, B.S., and Gertler, M., 1985. Banking in General Equilibrium, Madison: University of Wisconsin Press.
22. Bernanke, B.S., and James, H., 1991. “ 'The Gold Standard Deflation, and Financial Crisis in the Great Depression: An International Comparison,' ”. In Financial Markets and Financial Crises, Edited by: Hubbard, R.G., 107–73. Chicago: University of Chicago Press.
23. Besanko, D., and Kanatas, G., 1993. 'Credit Market Equilibrium with Bank Monitoring and Moral Hazard,'. Review of Financial Studies, 6: 213–32.
24. Bhattacharya, S., and Chiesa, G., 1995. 'Proprietary Information, Financial Intermediation, and Research Incentives,'. Journal of Financial Intermediation, 4: 328–57.
25. Bhattacharya, S., and Thakor, A.V., 1993. 'Contemporary Banking Theory,'. Journal of Financial Intermediation, 3: 2–50.
26. Billett, M.T., Flannery, M.J., and Carfinkel, J.A., 1995. 'The Effect of Lender Identity on a Borrowing Firm's Equity Return,'. Journal of Finance, 50: 699–718.
27. Blackwell, D., and Kidwell, D., 1988. 'An Investigation of Cost Differences between Public sales and Private Placements of Debt,'. Journal of Financial Economics, 22: 253–78.
28. Boot, A.W.A., and Thakor, A.V., 1993. 'Self-interested Bank Regulation,'. American Economic Review Proceedings, 83: 206–12.
29. Bordo, M.D., 1985. 'Some Historical Evidence (1870-1933) on the Impact and International Transmission of Financial Crises,'. Revista di Storia Economica, 17: 41–78.
30. Boyd, J.H., and Gertler, M., 1994a. 'Are Banks Dead? Or Are the Reports Greatly Exaggerated,'. Federal Reserve Bank of Minneapolis Quarterly Review, 18: 2–19.
31. Boyd, J.H., and Gertler, M., 1994b. 'The Role of Large Banks in the Recent U.S. Banking Crisis,'. Federal Reserve Bank of Minneapolis Quarterly Review, 18: 2–21.
32. Boyd, J.H., and Graham, S.L., 1991. 'Investigating the Banking Consolidation Trend,'. Federal Reserve Bank of Minneapolis Quarterly Review, 15: 3–15.
33. Boyd, J.H., and Prescott, E.C., 1986. 'Financial Intermediary Coalitions,'. Journal of Economic Theory, 38: 211–32.
34. Brunner, K., and Meltzer, A.H., 1993. Money and the Economy Issues in Monetary Analysis, Cambridge: Cambridge University Press.
35. Buck, A.J., Friedman, J., and Dunkelberg, W.C., 1991. “ 'Risk and Return in Small Business Lending: the Case of Commercial Banks,' ”. In Advances in Small Business Finance, Edited by: Yazdipour, R., 121–37. Amsterdam: Kluwer.
36. Calem, P.S., and Rizzo, J.A., 1992. 'Banks as Information Specialists: The Case of Hospital Lending,'. Journal of Banking and Finance, 16: 1123–41.
37. Calomiris, C.W., 1993a. 'Financial Factors in the Great Depression,'. Journal of Economic Perspectives, 7: 61–85.
38. Calomiris, C.W., 1993b. “ 'Regulation, Industrial Structure and Instability in U.S. Banking,' ”. In Structural Change in Banking, Edited by: Klausner, M., and White, L.J., 19–103. New York: New York University Salomon Center.
39. Calomiris, C.W., Hubbard, R.G., and Stock, J.H., 1986. 'The Farm Debt Crisis and Public Policy,'. Bookings Papers on Economic Activity, 2: 441–79.
40. Campbell, T.S., 1979. 'Optimal Investment Financing Decisions and the Value of Confidentiality,'. Journal of Financial and Qualitative Analysis, 14: 232–57.
41. Campbell, T.S., and Kracaw, W., 1980. 'Information Production, Market Signaling and the Theory of Intermediation,'. Journal of Finance, 35: 863–82.
42. Chemmanur, T.J., and Fulghieri, P., 1994. 'Reputation, Renegotiation and the Choice between Bank loans and Publicly Traded Debt,'. Review of Financial Studies, 7: 475–506.
43. Christensen, J.L., 1992. “ 'The Role of Finance in National Systems of Innovation,' ”. In National Systems of Innovation, Edited by: Lundvall, B.A., 146–68. London: Pinter.
44. Cole, R.A., and Gunther, J.W., 1995. 'Separating the Likelihood and Timing of Bank Failure,'. Journal of Banking and Finance, 19: 1073–89.
45. Comptroller. 1988. “ 'An Evaluation of the Factors Contributing to the Failure of National Banks,' ”. Comptroller of the Currency.
46. Corrigan, E.G., 1991. “ 'The Risk of Financial Crisis,' ”. In The Risk of Economic Crisis, Edited by: Feldstein, M., 44–83. Chicago: University of Chicago Press.
47. Cromwell, B., 1990. 'Financial Restructuring and Regional Economic Activity,'. Federal Reserve Bank of Cleveland Review, 26: 13–25.
48. Davis, E.P., 1995. Debt, Financial Fragility and Systemic Risk, Oxford: Oxford University Press.
49. de Lange, M., 1992. “ 'Essays on the Theory of Financial Intermediation: Market Imperfections, the Allocation of Credit, Deposit Insurance and the Transmission of External Shocks,' ”. Research Series 26 Tinbergen Institute.
50. Demirguc-Kunt, A., 1989. 'Deposit-institution Failures: A Review ofEmpirical Literature,'. Federal Reserve Bank of Cleveland Economic Review, 25: 2–18.
51. Diamond, D., 1984. 'Financial Intermediation and Delegated Monitoring,'. Review of Economic Studies, 51: 393–414.
52. Diamond, D., 1991. 'Monitoring and Reputation: the Choice between Bank Loans and Privately Placed Debt,'. Journal of Political Economy, 99: 689–721.
53. Diamond, D., 1994. 'Corporate Capital Structure: The Roles of Bank and Public Debt with Taxes and Costly Bankruptcy,'. Federal Reserve Bank of Richmond Economic Quarterly, 80: 11–37.
54. Diamond, D., and Dybvig, P.H., 1983. 'Bank Runs, Deposit Insurance and Liquidity,'. Journal of Political Economy, 91: 401–19.
55. Dietsch, M., and Pages, H., 1993. 'Contagions et Risques de Faillite dans le Systeme Bancaire,'. Cahiers Economiques et Monetaires de la Bangue de France, 41: 83–92.
56. Doherty, K., 1987. 'Who's Minding the Fraud?,'. American Banker, 21: 15–17.
57. Dowd, K., 1989. 'Some Lessons from the Recent Canadian Bank Failures,'. Research in Financial Services, 1: 113–28.
58. Dowd, K., 1992. 'Models of Banking Instability: A Partial Review of the Literature,'. Journal of Economic Surveys, 6: 107–32.
59. Edwards, ER., and Mishkin, ES., 1995. 'The Decline of Traditional Banking: Implications for Financial Stability and Regulatory Policy,'. Federal Reserve Bank of New York Economic Policy Review, 1: 27–45.
60. Elliehausen, G.E., and Wolken, J.D., 1990. “ 'Banking Markets and the Use of Financial Services by Small and Medium-sized Businesses,' ”. Staff Studies 160 Board of Governors of the Federal Reserve System.
61. Elston, J.A., 1995. “ 'Investment, Liquidity Constraints and Bank Relationships: Evidence from German Manufacturing Firms,' ”. Discussion Paper 1329 Centre for Economic Policy Research.
62. Evanoff, D.D., and Israilevich, P.R., 1991. 'Productive Efficiency in Banking,'. Federal Reserve Bank of Chicago Economic Perspectives, 15: 11–32.
63. Fama, E.F., 1980. 'Banking in the Theory of Finance,'. Journal of Monetary Economics, 6: 39–57.
64. Fama, E.F., 1985. 'What's Different about Banks?,'. Journal of Monetary Economics, 15: 5–29.
65. Flannery, M., 1989. 'Capital Regulation and Insured Banks' Choice of Individual Loan Default Risks,'. Journal of Financial Economics, 24: 235–58.
66. Flannery, M.J., 1994. 'Debt Maturity and the Deadweight Cost of Leverage: Optimally Financing Banking Firms,'. American Economic Review, 84: 320–31.
67. Forestieri, G., 1993. “ 'Economies of Scale and Scope in the Financial Services Industry: A Review of Recent Literature,' ”. In Financial Conglomerates, Edited by: OECD. 63–124. Paris: Organization for Economic Co-operation and Development.
68. Frankel, A.B., and Montgomery, J.D., 1991. 'Financial Structure: an International Perspective,'. Brookings Papers on Economic Activity, 1: 257–97.
69. Fried, J., and Howitt, P., 1980. 'Credit Rationing and Implicit Contract. Theory,'. Journal of Money, Credit and Banking, 12: 471–87.
70. Friedman, B.M., 1991. 'Comments and Discussion on Frankel A.B. and Montgomery J.D. Financial Structure: An International Perspective,'. Brooking Papers on Economic Activity, 1: 298–303.
71. Friedman, M., and Schwartz, A., 1963. 4 Monetary History of the United States, 1867-1960, New Haven: Princeton University Press.
72. Gale, D., 1993. “ 'Informational Capacity and Financial Collapse,' ”. In Capital Markets and Financial Intermediation, Edited by: Mayer, C., and Vives, X., 117–55. Cambridge: Cambridge University Press.
73. Gamble, R.H., 1991. 'Will your Banks Clear the Bar? Measures of Financial Strength,'. Corporate Cashflow Magazine, 12: 32–4.
74. Garber, P., and Weisbrod, S., 1990. “ 'Banks in the Market for Liquidity,' ”. Working Paper 3381 National Bureau for Economic Research.
75. Gertler, M., 1988. 'Financial Structure and Aggregate Economic Activity,'. Journal of Money, Credit and Banking, 20: 559–88.
76. Gibson, M.S., 1993. “ 'Long-term Banking Relationships in General Equilibrium,' ”. International Finance Discussion Paper 452 Board of Governors of the Federal Reserve System.
77. Gibson, M.S., 1995. 'Can Bank Health Affect Investment? Evidence from Japan,'. Journal of Business, 68: 281–308.
78. Gibson, M.S., 1996. “ 'More Evidence on the Link between Bank Health and Investment in Japan,' ”. International Finance Discussion Paper 549 Board of Governors of the Federal Reserve System.
79. Gorton, G., and Kahn, J., 1993. “ 'The Design of Bank Loan Contracts, Collateral and Renegotiation,' ”. Working Paper 4273 National Bureau for Economic Research.
80. Gorton, G., and Rosen, R., 1995. 'Corporate Control, Portfolio Choice and the Decline of Banking,'. Journal of Finance, 50: 1377–97.
81. Gorton, G., and Schmidt, F.A., 1996. “ 'Universal Banking and the Performance of German Firms,' ”. Working Paper 5453 National Bureau for Economic Research.
82. Gray, J.A., and Ongena, S., 1996. “ 'Bank Relationship Benefits, Bank Risk and the Paper-Bill Spread,' ”. University of Oregon. Mimeo
83. Greenwald, B., and Stiglitz, J.E., 1992. “ 'Towards a Reformulation of Monetary Theory: Competitive Banking,' ”. Working Paper 4117 National Bureau for Economic Research.
84. Grossman, R.S., 1993. 'The Macroeconomic Consequences of Bank Failures under the National Banking System,'. Explorations in Economic History, 30: 294–320.
85. Guille, M., 1994. 'Savoir Bancaire Specifique, Marche du Credit et Intermediation Financiere,'. Economie Appliquee, 46: 49–77.
86. Guttentag, J., and Herring, R., 1984. 'Credit Rationing and Financial Disorder,'. Journal of Finance, 39: 1359–82.
87. Harm, C., 1996. “ 'Investments, Liquidity, and Bank Lending in Germany,' ”. New York University. Mimeo
88. Haubrich, J.G., 1990. 'Nonmonetary Effects of Financial Crisis: Lessons from the Great Depression in Canada,'. Journal of Monetary Economics, 25: 223–52.
89. Havrilesky, T., 1989. 'Market Failures and Public Choice Theories of Banking Regulation and Deregulation,'. Research in Financial Services, 1: 129–50.
90. Hellman, T., Murdock, K., and Stiqlitz, J., 1995. “ 'Financial Restraint. Towards a New Paradigm,' ”. Research Paper 1355 Stanford University.
91. Hellwig, M., 1989. 'Asymmetric Information, Financial Markets and Financial Institutions: Where are We Currently Going?,'. European Economic Review, 33: 277–85.
92. Hellwig, M., 1991. “ 'Banking, Financial Intermediation and Corporate Finance,' ”. In European Financial Integration, Edited by: Giovannini, A., and Mayer, C.P., 35–63. Cambridge: Cambridge University Press.
93. Hendershott, P.H., and Kane, E.J., 1992. 'Causes and Consequences of the 1980s Commercial Construction Room,'. Journal of Applied Corporate Finance, 5: 61–70.
94. Herring, R.J., and Santomero, A.M., 1995. “ 'The Role of the Financial Sector in Economic Performance,' ”. Working Paper 8 Wharton Financial Institutions Center.
95. Hirshey, M., Slovin, M.B., and Zaima, J.K., 1990. 'Bank Debt, Insider Trading and the Return to Corporate Selloffs,'. Journal of Banking and Finance, 14: 85–98.
96. Holland, J., 1994. 'Bank Lending Relationships and the Complex Nature of Bank-Corporate Relations,'. Journal of Business Finance and Accounting, 21: 367–91.
97. Horvitz, P.M., 1992. “ 'The Causes of Texas Bank and Thrift Failures,' ”. In If Texas Were Chile: A Primer on Banking Reform, Edited by: Brock, P.L., Dallas: Institute for Contemporary Studies Press.
98. Hoshi, T., Kashyap, A., and Scharfstein, D., 1990a. “ 'Bank Monitoring and Investment: Evidence for the Changing Structure of Japanese Corporate Banking Relationships,' ”. In Asymmetric Information, Corporate Finance and Investment, Edited by: Hubbard, R.G., 105–26. Chicago: University of Chicago Press.
99. Hoshi, T., Kashyap, A., and Scharfstein, D., 1990b. 'The Role of Banks in Reducing the Costs of Financial Distress in Japan,'. Journal of Financial Economics, 27: 67–88.
100. Hoshi, T., Kashyap, A., and Scharfstein, D., 1991. 'Corporate Structure, Liquidity and Investment: Evidence from Japanese Industrial Groups,'. Quarterly Journal of Economics, 106: 33–60.
101. Houston, J., and James, C., 1993. 'Management and Organizational Changes in Banking: a Comparison of Regulatory Intervention with Private Creditor Actions in Nonbank Firms,'. Carnegie-Rochester Conference Series on Public Policy. 1993. Vol. 38, pp. 143–78.
102. Hughes, J.P., Lang, W., Moster, L.J., and Moon, C., 1995. “ 'Recovering Technologies that Account for Generalized Managerial Preferences: an Application to Non-risk Neutral Banks,' ”. Working Paper 8 Federal Reserve Bank of Philadelphia.
103. Hull, R.M., and Moellenberndt, R., 1994. 'Bank Debt Reduction Announcements and Negative Signaling,'. Financial Management, 23: 21–30.
104. Humphrey, D.B., 1986. “ 'Payments Finality and Risk of Settlement Failure,' ”. In Technology and the Regulation of Financial Markets: Securities, Futures and Banking, Edited by: Saunders, A., and White, L.J., 97–135. Lexington: Lexington Books.
105. Hurley, E.M., 1977. 'The Commercial Paper Market,'. Federal Reserve Bulletin, 64: 525–36.
106. James, C., 1987. 'Some Evidence on the Uniqueness of Bank Loans,'. Journal of Financial Economics, 19: 217–35.
107. James, C., and Wier, P., 1990. 'Borrowing Relationships, Intermediation and the Cost of Issuing Public Securities,'. Journal of Financial Economics, 28: 149–71.
108. Kaen, F.R., and Michalsen, D., 1997. 'The Effects of the Norwegian Banking Crisis on Norwegian Bank and Non-bank Stocks,'. Journal of Multinational Financial Management, forthcoming
109. Kane, E.J., 1986. 'Appearance and Reality in Deposit Insurance,'. Journal of Banking and Finance, 10: 175–88.
110. Kane, E.J., 1989. The S&L Insurance Mess: How Did it Happen?, Cambridge: MIT Press.
111. Kashyap, A.K., and Stein, J.C., 1994. “ 'Monetary Policy and Bank Lending,' ”. In Monetary Policy, Edited by: Mankiw, G.N., 221–62. Chicago: University of Chicago Press.
112. Kashyap, A.K., Stein, J.C., and Wilcox, D.W., 1993. 'Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance,'. American Economic Review, 83: 78–98.
113. Kaufman, G.G., 1991. “ 'The Diminishing Role of Commercial Banking in the U.S. Economy,' ”. Issues in Financial Regulation 14 Federal Reserve Bank of Chicago.
114. Kaufman, G.G., and Mote, L.R., 1994. 'Is Banking a Declining Industry? A Historical Perspective,'. Federal Reserve Bank of Chicago Economic Perspectives, 18: 2–21.
115. Keeley, M.C., 1990. 'Deposit Insurance Risk and Market Power in Banking,'. American Economic Review, 80: 1183–200.
116. Koskela, E., and Stenbacka, R., 1995. “ 'Does Competition Make Loan Markets more Fragile?,' ”. Working Paper 92 Center for Economic Studies of the University of Munich.
117. Levine, R., 1997. 'Financial Development and Economic Growth,'. Journal of Economic Literature, 35: 688–726.
118. Lowenstein, L., 1991. Sense and Nonsense in Corporate Finance, Reading: Addison-Wesley.
119. Lummer, S.L., and McConnell, J.J., 1989. 'Further Evidence on the Bank Lending Process and the Capital Market Response to Bank Loan Agreements,'. Journal of Financial Economics, 25: 99–122.
120. Mattesini, E., 1993. Financial Markets, Asymmetric Information, and Macroeconomic Equilibrium, Aldershot: Dartmouth.
121. Mayer, C., 1988. 'New Issues in Corporate Finance,'. European Economic Review, 32: 1167–89.
122. Mayer, C., 1989. 'The Assessment: Financial Systems and Corporate Investment,'. Oxford Review of Economic Policy, 3: 1–16.
123. McAndrews, J.J., and Wasilyew, G., 1995. “ 'Simulations of Failure in a Payments System,' ”. Working Paper 19 Federal Reserve Bank of Philadelphia.
124. Merton, R.C., 1977. 'An Analytic Derivation of the Cost of Deposit Insurance and Loan Guarantees,'. Journal of Banking and Finance, 1: 3–11.
125. Mikkelson, W.H., and Partch, M.M., 1986. 'Valuation Effects of Security Offerings and the Issuance Process,'. Journal of Financial Economics, 15: 31–60.
126. Milde, H., 1974. 'Informationskosten, Anpassungskosten und die Theorie des Kreditmarktes,'. Kredit und Kapital, 7: 489–507.
127. Mishkin, F.S., 1991. “ 'Asymmetric Information and Financial Crises: A Historical Perspective,' ”. In Financial Markets and Financial Crises, Edited by: Hubbard, R.G., 69–108. Chicago: University of Chicago Press.
128. Mishkin, ES., 1992. 'Anatomy of a Financial Crisis,'. Journal of Evolutionary Economics, 2: 115–30.
129. Murto, R., 1995. “ 'The Banking Crisis, Banking Policy Regimes and the Value of a Bank,' ”. Discussion Paper 14 Bank of Finland.
130. Myers, S., 1984. 'The Capital Structure Puzzle. Journal of Finance, 39: 575–92.
131. Myers, S., and Majluf, N.S., 1984. 'Corporate Financing and Investment Decisions when Firms Have Information that Investors Do not Have,'. Journal of Financial Economics, 13: 187–221.
132. Nakamura, L.I., 1993a. “ 'Commercial Bank Information: Implications for the Structure of Banking,' ”. In Structural Change in Banking, Edited by: Klausner, M., and White, L.J., 131–60. New York: New York University Salomon Center.
133. Nakamura, L.I., 1993b. 'Monitoring Loan Quality via Checking Account Analysis,'. Journal of Retail Banking, 14: 16–34.
134. Nakamura, L.I., 1993c. “ 'Recent Research in Commercial Banking: Information and Lending,' ”. Financial Markets, Institutions and Instruments 2 New York University.
135. Nichols, N.A., 1993. 'Efficient? Chaotic? What's the New finance?,'. Harvard Business Review, 93: 50–60.
136. O'Brien, P.F., and Browne, F., 1992. “ 'A 'Credit Crunch'? The Recent Slowdown in Bank Lending and its implications for Monetary Policy,' ”. Working Paper 107 Department of Economics and Statistics of the Organization for Economic Cooperation and Development.
137. Park, S., 1994. 'Explanations for the Increased Riskiness of Banks in the 1980s,'. Federal Reserve Bank of St. Louis Review, 76: 3–23.
138. Peek, J., and Rosengren, E.S., 1995. 'Bank Regulatory Agreements in New England,'. New England Economic Review, 95: 15–24.
139. Petersen, M.A., and Rajan, R.G., 1995. 'The Effect of Credit Market Competition on Lending Relationships,'. Quarterly Journal of Economics, 110: 406–43.
140. Peterson, R.L., and Scott, W.L., 1985. 'Major Causes of Bank Failures,' Annual Conference of Bank Structure and Competition, 166–83. Chicago: Federal Reserve Bank of Chicago.
141. Preece, D., and Mullineaux, D., 1994. 'Monitoring of Financial Intermediaries: Banks vs. Nonbanks,'. Journal of Financial Services Research, 8: 193–202.
142. Preece, D., and Mullineaux, D., 1996. 'Monitoring, Loan Renegotiability, and Firm Value: the Role of Lending Syndicates,'. Journal of Banking and Finance, 20: 577–93.
143. Rajan, R.G., 1992. 'Insiders and Outsiders: The Choice between Informed and Arm's-length Debt,'. Journal of Finance, 47: 1367–400.
144. Rajan, R.C., 1994. 'Why Bank Credit Policies Fluctuate: A Theory and some Evidence,'. Quarterly Journal of Economics, 109: 399–441.
145. Randall, R.E., 1993. 'Lessons from New England Bank Failures,'. New England Economic Review, 93: 13–38.
146. Salsman, R.M., 1993. “ 'Bankers as Scapegoats for Government Created Banking Crises in U.S. History,' ”. In The Crisis in American Banking, Edited by: White, L.J., 81–118. New York: New York University Press.
147. Samolyk, K.A., 1994. 'Banking Conditions and Regional Economic Performance: Evidence of a Regional Credit Channel,'. Journal of Monetary Economics, 34: 259–78.
148. Scharfstein, D.S., and Stein, J.C., 1990. 'Herd Behavior and Investment,'. American Economic Review, 80: 465–79.
149. Scholtens, L.J.R., 1993. 'On the Foundations of Financial Intermediation: A Review of the Literature,'. Kredit und Kapital, 26: 112–41.
150. Schwartz, A., 1995. 'Coping with Financial Fragility: A Global Perspective,'. Journal of Financial Services Research, 9: 445–51.
151. Sharpe, S.A., 1988. “ 'A Theory of Credit Rationing and the Maturity Structure of Debt,' ”. Board of Governors of the Federal Reserve System. Working Paper
152. Sharpe, S.A., 1990. 'Asymmetric Information, Bank Lending and Implicit Contracts: A Stylized Model of Customer Relationships,'. Journal of Finance, 45: 1069–87.
153. Shiller, R.J., 1992. “ 'Who's Minding the Store?,' ”. In Report on Market Speculation and Corporate Governance, Twentieth Century Fund Press.
154. Short, E., O'Driscoll, G.P., and Berger, ED., 1985. 'Recent Bank Failures: Determinants and Consequences,' Annual Conference on Bank Structure and Competition, 150–65. Chicago: Federal Reserve Bank of Chicago.
155. Siems, T.F., 1992. 'Quantifying Management's Role in Bank Survival,'. Federal Reserve Bank of Dallas Economic Review, 92: 20–41.
156. Simonson, D.C., 1992. 'Why We Need Bank Loans?,'. U.S. Banker,: 60–62.
157. Sinkey, J.F., 1975. 'A Multivariate Statistical Analysis of the Characteristics of Problem Banks,'. Journal of Finance, 30: 21–36.
158. Sinkey, J.F., Terza, J.V., and Dince, R.R., 1987. 'A Zeta Analysis of Failed Commercial Banks,'. Quarterly Journal of Business and Economics, 26: 35–49.
159. Slovin, M.B., Johnson, S.A., and Glascock, J.L., 1992. 'Firm Size and the Information Content of Bank Loan Announcements,'. Journal of Banking and Finance, 16: 35–49.
160. Slovin, M.B., Sushka, M.E., and Hudson, C.D., 1988. 'Corporate Commercial Paper, Note Issuance Facilities, and Shareholder Wealth,'. Journal of International Money and Finance, 7: 289–302.
161. Slovin, M.B., Sushka, M.E., and Polonchek, J.A., 1993. 'The Value of Bank Durability: Borrowers as Bank Stakeholders,'. Journal of Finance, 48: 289–302.
162. Slovin, M.B., and Young, J.E., 1990. 'Bank Lending and Initial Public Offerings,'. Journal of Banking and Finance, 14: 729–40.
163. Sprague, I.H., 1986. Bailout: An Insider's Account of Bank Failures and Rescues, New York: Basic Books.
164. Stancill, J.M., 1980. 'Getting the Most from Your Banking Relationship,'. Harvard Business Review, 80: 141–5.
165. Stanhouse, B.E., 1993. 'Credit Evaluation, Information Production and Financial Intermediation,'. Journal of Financial Services Research, 7: 217–33.
166. Stiglitz, J.E., 1988. 'Money, Credit and Business Fluctuations,'. Economic Record,: 307–22.
167. Stiglitz, J.E., 1992. 'Capital Markets and Economic Fluctuations in Capitalist Economies,'. European Economic Review, 36: 269–306.
168. Stiglitz, J.E., and Weiss, A., 1983. 'Incentive Effects of Terminations: Applications to the Credit and Labor Markets,'. American Economic Review, 73: 912–27.
169. Stiglitz, J.E., and Weiss, A., 1988. “ 'Banks as Social Accountants and Screening Devices for the Allocation of Credit,' ”. National Bureau for Economic Research. Working Paper 2710
170. Temin, P., 1989. Lessons from the Great Depression, Cambridge: MIT Press.
171. Thomson, J.B., 1989. “ 'An Analysis of Bank Failures: 1984-1989,' ”. Working Paper 16 Federal Reserve Bank of Cleveland.
172. Thomson, J.B., 1991. 'Predicting Bank Failures in the 1980s,'. Federal Reserve Bank of Cleveland Economic Review, 27: 3–15.
173. Titman, S., and Trueman, B., 1986. 'Information Quality and New Issue Valuation,'. Journal of Accounting and Economics, 8: 159–72.
174. Tversky, A., and Kahneman, D., 1992. 'Advances in Prospect Theory: Cumulative Representation of Uncertainty,'. Journal of Risk and Uncertainly, 5: 297–323.
175. Vale, B., 1993. 'The Dual Role of Demand Deposits under Asymmetric Information,'. Scandinavian Journal of Economics, 95: 77–95.
176. van Ees, H., and Garretsen, H., 1994. 'Liquidity and Business Investment: Evidence from Dutch Panel Data,'. Journal of Macroeconomics, 16: 613–27.
177. vonThadden, E.L., 1995. 'Long-term Contracts, Short-term Investment, and Monitoring.,'. Review of Economic Studies, 62: 557–75.
178. Wall, L.D., and Peterson, D.R., 1990. 'The Effect of Continental Illinois' Failure on the Performance of Other Banks,'. Journal of Monetary Economics, 26: 77–99.
179. Weinberg, J.A., 1994. 'Firms Size, Finance, and Investment,'. Federal Reserve Bank of Richmond Economic Quarterly, 80: 19–40.
180. White, L.J., 1992. “ 'Why Now? Change and Turmoil in U.S. Banking,' ”. Occasional-Paper 38 Group of Thirty.
181. White, L.J., 1993. “ 'Why Is the U.S. Banking Industry in Trouble? Business Cycles, Loan Losses and Deposit Insurance,' ”. In The Crisis in American Banking, Edited by: White, L.J., 7–28. New York: New York University Press.
182. Whitehead, D.D., 1982. 'The Sixth District Survey of Small Business Credit,'. Federal Reserve Bank of Atlanta Economic Review, 82: 42–7.
183. Williamson, S.D., 1989. 'Bank Failures, Financial Restrictions and Aggregate Fluctuations: Canada and the United States, 1870-1913,'. Federal Reserve Bank of Minneapolis Quarterly Review, 13: 20–40.
184. Wolfson, M.H., 1986. Financial Crises: Understanding the Postwar US Experience, New York: M.E. Sharpe.