Econ Papers Daily / 期刊论文
借款人分类与外币信贷获取：来自监管阈值的证据
Borrower classification and access to foreign-currency credit: Evidence from a regulatory threshold
摘要
We study whether administrative borrower classification affects foreign-currency (FX) credit. In Peru, a regulatory debt threshold generates a fuzzy regression-discontinuity design. Crossing the threshold sharply increases medium-enterprise classification. Using a constant-exchange-rate running variable and controlling for predetermined FX exposure, induced reclassification raises the probability of holding FX credit after twelve months by about 7 percentage points ( p = 0.057 ). Density tests do not reject continuity, and the result is robust to controlling for predetermined banking relationships. Effects on FX shares and currency-specific loan amounts remain imprecise. The main result concerns access to FX credit.
中文摘要
我们研究行政性借款人分类是否影响外币（FX）信贷。在秘鲁，一个监管债务阈值产生了模糊断点回归设计。跨越该阈值会显著提高中型企业分类。使用固定汇率的驱动变量并控制预先存在的外币敞口，由分类引致的企业重新分类使十二个月后持有外币信贷的概率提高约7个百分点（p = 0.057）。密度检验未拒绝连续性，且该结果在控制预先存在的银企关系后依然稳健。对外币份额和特定币种贷款金额的影响仍不精确。主要结果涉及外币信贷的可获得性。