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Search Frictions, Credit Market Liquidity, and Net Interest Margin Cyclicality

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Search Frictions, Credit Market Liquidity, and Net Interest Margin Cyclicality.pdf (299.9Kb)
Date
2015
Dewey
Macroéconomie
Sujet
Search Friction; Matching Model; Nash Bargaining; Bank Interest Margin
JEL code
C.C7.C78; E.E3.E32; E.E4.E44; G.G2.G21
Journal issue
Economica
Volume
82
Number
325
Publication date
01-2015
Article pages
79-102
Publisher
Wiley Blackwell
DOI
http://dx.doi.org/10.1111/ecca.12101
URI
https://basepub.dauphine.fr/handle/123456789/13009
Collections
  • LEDa : Publications
Metadata
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Author
Beaubrun-Diant, Kevin
status unknown
Tripier, Fabien
1188 Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 [CLERSE]
39083 Centre d'Etudes Prospectives et d'Informations Internationales [CEPII]
Type
Article accepté pour publication ou publié
Abstract (EN)
The present paper contributes to the body of knowledge on search frictions in credit markets by demonstrating their ability to explain why the net interest margins of banks behave countercyclically. During periods of expansion, a fall in the net interest margin proceeds from two mechanisms: (i) lenders accept that they must finance entrepreneurs that have lower productivity and (ii) the liquidity of the credit market rises, which simplifies access to loans for entrepreneurs and thereby reinforces their threat point when bargaining the interest rate of the loan.

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