{"id":"https://openalex.org/W4385245155","doi":"https://doi.org/10.53479/30812","title":"Public Guarantees and Private Banks\u2019 Incentives: Evidence from the COVID-19 Crisis","display_name":"Public Guarantees and Private Banks\u2019 Incentives: Evidence from the COVID-19 Crisis","publication_year":2023,"publication_date":"2023-07-21","ids":{"openalex":"https://openalex.org/W4385245155","doi":"https://doi.org/10.53479/30812"},"language":"en","primary_location":{"id":"doi:10.53479/30812","doi":"https://doi.org/10.53479/30812","is_oa":true,"landing_page_url":"https://doi.org/10.53479/30812","pdf_url":"https://repositorio.bde.es/bitstream/123456789/30812/1/dt2318e.pdf","source":{"id":"https://openalex.org/S4393913881","display_name":"Documentos de trabajo/Documento de trabajo - Banco de Espa\u00f1a, Servicio de Estudios","issn_l":"0213-2710","issn":["0213-2710","1579-8666"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by-nc-sa","license_id":"https://openalex.org/licenses/cc-by-nc-sa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Documentos de Trabajo","raw_type":"report"},"volume":null,"type":"report","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://repositorio.bde.es/bitstream/123456789/30812/1/dt2318e.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5091042267","display_name":"Gabriel Jim\u00e9nez","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I185763367","display_name":"Bank of Spain","ror":"https://ror.org/02f26yq04","country_code":"ES","type":"other","lineage":["https://openalex.org/I185763367"]}],"countries":["ES"],"is_corresponding":false,"raw_author_name":"Gabriel Jimenez","raw_affiliation_strings":["Banco de Espa\u00f1a"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Banco de Espa\u00f1a","institution_ids":["https://openalex.org/I185763367"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5012755577","display_name":"Luc A. Laeven","orcid":"https://orcid.org/0000-0001-9820-755X","observed_orcids":["https://orcid.org/0000-0001-9820-755X"]},"institutions":[{"id":"https://openalex.org/I1279858714","display_name":"Center for Economic and Policy Research","ror":"https://ror.org/01vqjmx11","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1279858714"]},{"id":"https://openalex.org/I153515283","display_name":"European Central Bank","ror":"https://ror.org/00ajckn66","country_code":"DE","type":"government","lineage":["https://openalex.org/I1320481043","https://openalex.org/I153515283"]},{"id":"https://openalex.org/I4210140326","display_name":"Centre for Economic Policy Research","ror":"https://ror.org/04jzmdh37","country_code":"GB","type":"nonprofit","lineage":["https://openalex.org/I4210140326"]}],"countries":["DE","GB","US"],"is_corresponding":false,"raw_author_name":"Luc A. Laeven","raw_affiliation_strings":["Centre for Economic Policy Research (CEPR)","European Central Bank (ECB)","European Central Bank and CEPR"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Centre for Economic Policy Research (CEPR)","institution_ids":["https://openalex.org/I4210140326"]},{"raw_affiliation_string":"European Central Bank (ECB)","institution_ids":["https://openalex.org/I153515283"]},{"raw_affiliation_string":"European Central Bank and CEPR","institution_ids":["https://openalex.org/I1279858714","https://openalex.org/I153515283"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5020833735","display_name":"David Mart\u00ednez-Miera","orcid":"https://orcid.org/0000-0001-8862-3461","observed_orcids":["https://orcid.org/0000-0001-8862-3461"]},"institutions":[{"id":"https://openalex.org/I1279858714","display_name":"Center for Economic and Policy Research","ror":"https://ror.org/01vqjmx11","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1279858714"]},{"id":"https://openalex.org/I4210140326","display_name":"Centre for Economic Policy Research","ror":"https://ror.org/04jzmdh37","country_code":"GB","type":"nonprofit","lineage":["https://openalex.org/I4210140326"]},{"id":"https://openalex.org/I50357001","display_name":"Universidad Carlos III de Madrid","ror":"https://ror.org/03ths8210","country_code":"ES","type":"education","lineage":["https://openalex.org/I50357001"]}],"countries":["ES","GB","US"],"is_corresponding":false,"raw_author_name":"David Martinez Miera","raw_affiliation_strings":["Center for Economic Policy Research","Center for Economic Policy Research, London, United Kingdom","Charles III University of Madrid","Charles III University of Madrid, CL. de Madrid 126, Madrid, Madrid 28903, Spain","UC3M and CEPR"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Center for Economic Policy Research","institution_ids":["https://openalex.org/I4210140326"]},{"raw_affiliation_string":"Center for Economic Policy Research, London, United Kingdom","institution_ids":["https://openalex.org/I4210140326"]},{"raw_affiliation_string":"Charles III University of Madrid","institution_ids":["https://openalex.org/I50357001"]},{"raw_affiliation_string":"Charles III University of Madrid, CL. de Madrid 126, Madrid, Madrid 28903, Spain","institution_ids":["https://openalex.org/I50357001"]},{"raw_affiliation_string":"UC3M and CEPR","institution_ids":["https://openalex.org/I1279858714","https://openalex.org/I4210140326","https://openalex.org/I50357001"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5040742000","display_name":"Jos\u00e9\u2010Luis Peydr\u00f3","orcid":"https://orcid.org/0000-0002-4542-7353","observed_orcids":["https://orcid.org/0000-0002-4542-7353"]},"institutions":[{"id":"https://openalex.org/I11932220","display_name":"Instituci\u00f3 Catalana de Recerca i Estudis Avan\u00e7ats","ror":"https://ror.org/0371hy230","country_code":"ES","type":"nonprofit","lineage":["https://openalex.org/I11932220"]},{"id":"https://openalex.org/I47508984","display_name":"Imperial College London","ror":"https://ror.org/041kmwe10","country_code":"GB","type":"education","lineage":["https://openalex.org/I47508984"]}],"countries":["ES","GB"],"is_corresponding":false,"raw_author_name":"Jos\u00e9-Luis Peydr\u00f3","raw_affiliation_strings":["Catalan Institution of Research and Advanced Studies (ICREA)","Catalan Institution of Research and Advanced Studies (ICREA), P/ Lluis Companys 23, Barcelona, 08010, Spain","Imperial College London, ICREA-UPF-CREIBSE and CEPR"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Catalan Institution of Research and Advanced Studies (ICREA)","institution_ids":["https://openalex.org/I11932220"]},{"raw_affiliation_string":"Catalan Institution of Research and Advanced Studies (ICREA), P/ Lluis Companys 23, Barcelona, 08010, Spain","institution_ids":["https://openalex.org/I11932220"]},{"raw_affiliation_string":"Imperial College London, ICREA-UPF-CREIBSE and CEPR","institution_ids":["https://openalex.org/I47508984"]}]}],"institutions":[],"countries_distinct_count":4,"institutions_distinct_count":7,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":21,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.9965999722480774,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.9965999722480774,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11365","display_name":"Islamic Finance and Banking Studies","score":0.0003000000142492354,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/bank-incentives","display_name":"bank incentives","score":0.7409999966621399},{"id":"https://openalex.org/keywords/covid-19","display_name":"COVID-19 pandemic","score":0.8220000267028809},{"id":"https://openalex.org/keywords/corporate-lending","display_name":"corporate lending","score":0.6690000295639038},{"id":"https://openalex.org/keywords/taxpayer-risk","display_name":"taxpayer risk","score":0.746999979019165},{"id":"https://openalex.org/keywords/bank-fragility","display_name":"bank fragility","score":0.6150000095367432},{"id":"https://openalex.org/keywords/spanish-banks","display_name":"Spanish banks","score":0.3799999952316284}],"concepts":[{"id":"https://openalex.org/C38935604","wikidata":"https://www.wikidata.org/wiki/Q4330363","display_name":"Stylized fact","level":2,"score":0.8874697685241699},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.7543786764144897},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.6397716403007507},{"id":"https://openalex.org/C2781300812","wikidata":"https://www.wikidata.org/wiki/Q178061","display_name":"Shock (circulatory)","level":2,"score":0.6345745325088501},{"id":"https://openalex.org/C2777764128","wikidata":"https://www.wikidata.org/wiki/Q189539","display_name":"Loan","level":2,"score":0.6134470701217651},{"id":"https://openalex.org/C165696696","wikidata":"https://www.wikidata.org/wiki/Q11287","display_name":"Exploit","level":2,"score":0.603556752204895},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5820825695991516},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.4817488193511963},{"id":"https://openalex.org/C3008058167","wikidata":"https://www.wikidata.org/wiki/Q84263196","display_name":"Coronavirus disease 2019 (COVID-19)","level":4,"score":0.4147277772426605},{"id":"https://openalex.org/C99221444","wikidata":"https://www.wikidata.org/wiki/Q1532069","display_name":"Private information retrieval","level":2,"score":0.41111111640930176},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3652811050415039},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2438984513282776},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.11436977982521057},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.09999564290046692},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C142724271","wikidata":"https://www.wikidata.org/wiki/Q7208","display_name":"Pathology","level":1,"score":0.0},{"id":"https://openalex.org/C126322002","wikidata":"https://www.wikidata.org/wiki/Q11180","display_name":"Internal medicine","level":1,"score":0.0},{"id":"https://openalex.org/C524204448","wikidata":"https://www.wikidata.org/wiki/Q788926","display_name":"Infectious disease (medical specialty)","level":3,"score":0.0},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.0},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.0},{"id":"https://openalex.org/C2779134260","wikidata":"https://www.wikidata.org/wiki/Q12136","display_name":"Disease","level":2,"score":0.0},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.53479/30812","doi":"https://doi.org/10.53479/30812","is_oa":true,"landing_page_url":"https://doi.org/10.53479/30812","pdf_url":"https://repositorio.bde.es/bitstream/123456789/30812/1/dt2318e.pdf","source":{"id":"https://openalex.org/S4393913881","display_name":"Documentos de trabajo/Documento de trabajo - Banco de Espa\u00f1a, Servicio de Estudios","issn_l":"0213-2710","issn":["0213-2710","1579-8666"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by-nc-sa","license_id":"https://openalex.org/licenses/cc-by-nc-sa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Documentos de Trabajo","raw_type":"report"},{"id":"doi:10.2139/ssrn.4527742","doi":"https://doi.org/10.2139/ssrn.4527742","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.4527742","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},{"id":"pmh:oai:RePEc:bde:wpaper:2318","doi":null,"is_oa":false,"landing_page_url":"https://www.bde.es/f/webbe/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/23/Files/dt2318e.pdf","pdf_url":"https://www.bde.es/f/webbe/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/23/Files/dt2318e.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"}],"best_oa_location":{"id":"doi:10.53479/30812","doi":"https://doi.org/10.53479/30812","is_oa":true,"landing_page_url":"https://doi.org/10.53479/30812","pdf_url":"https://repositorio.bde.es/bitstream/123456789/30812/1/dt2318e.pdf","source":{"id":"https://openalex.org/S4393913881","display_name":"Documentos de trabajo/Documento de trabajo - Banco de Espa\u00f1a, Servicio de Estudios","issn_l":"0213-2710","issn":["0213-2710","1579-8666"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by-nc-sa","license_id":"https://openalex.org/licenses/cc-by-nc-sa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Documentos de Trabajo","raw_type":"report"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"display_name":"Partnerships for the goals","id":"https://metadata.un.org/sdg/17","score":0.4099999964237213}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4385245155.pdf","grobid_xml":"https://content.openalex.org/works/W4385245155.grobid-xml"},"referenced_works_count":65,"referenced_works":["https://openalex.org/W1482406681","https://openalex.org/W1587986672","https://openalex.org/W1765928376","https://openalex.org/W1970594241","https://openalex.org/W1970821543","https://openalex.org/W2006948845","https://openalex.org/W2047582865","https://openalex.org/W2051152277","https://openalex.org/W2053483294","https://openalex.org/W2055324653","https://openalex.org/W2079228134","https://openalex.org/W2080184288","https://openalex.org/W2083335474","https://openalex.org/W2098112116","https://openalex.org/W2098471783","https://openalex.org/W2100130392","https://openalex.org/W2123253124","https://openalex.org/W2130642391","https://openalex.org/W2136647651","https://openalex.org/W2141610093","https://openalex.org/W2143841915","https://openalex.org/W2161436965","https://openalex.org/W2169483380","https://openalex.org/W2734422171","https://openalex.org/W2749859120","https://openalex.org/W2793508611","https://openalex.org/W2963601871","https://openalex.org/W3012645029","https://openalex.org/W3015052169","https://openalex.org/W3019863461","https://openalex.org/W3019912140","https://openalex.org/W3021378619","https://openalex.org/W3022455051","https://openalex.org/W3023854244","https://openalex.org/W3023992042","https://openalex.org/W3033288982","https://openalex.org/W3049243281","https://openalex.org/W3087972439","https://openalex.org/W3092368300","https://openalex.org/W3121367858","https://openalex.org/W3122063455","https://openalex.org/W3122142145","https://openalex.org/W3123123373","https://openalex.org/W3123225941","https://openalex.org/W3123311313","https://openalex.org/W3124221926","https://openalex.org/W3124915038","https://openalex.org/W3124982262","https://openalex.org/W3125000257","https://openalex.org/W3125064881","https://openalex.org/W3125266783","https://openalex.org/W3125487455","https://openalex.org/W3132739298","https://openalex.org/W3150456531","https://openalex.org/W3214761793","https://openalex.org/W4254248662","https://openalex.org/W4285123414","https://openalex.org/W4285663609","https://openalex.org/W4292321532","https://openalex.org/W4313439060","https://openalex.org/W4313466264","https://openalex.org/W4378895675","https://openalex.org/W4388047574","https://openalex.org/W6601923486","https://openalex.org/W6776461321"],"related_works":["https://openalex.org/W4392778639","https://openalex.org/W4392887101","https://openalex.org/W4226029271","https://openalex.org/W7005469607","https://openalex.org/W3087972439","https://openalex.org/W7214989545","https://openalex.org/W4384284192","https://openalex.org/W3023992042","https://openalex.org/W7133942470","https://openalex.org/W4403286836"],"abstract_inverted_index":{"This":[0],"paper":[1],"shows":[2],"that":[3,111],"private":[4],"incentives":[5],"influence":[6],"the":[7,29,37,50,74,77],"allocation":[8],"of":[9,67,125],"public":[10],"guaranteed":[11],"lending":[12,70,115],"(PGL),":[13],"resulting":[14],"in":[15,40],"weaker":[16,82,131],"banks":[17,55],"shifting":[18],"riskier":[19,60,117],"corporate":[20],"loans\u2019":[21],"risk":[22],"to":[23,48,59,71,107,116],"taxpayers.":[24],"We":[25],"exploit":[26],"data":[27],"from":[28],"Banco":[30],"de":[31],"Espa\u00f1a\u2019s":[32],"Central":[33],"Credit":[34],"Register":[35],"during":[36],"COVID-19":[38],"shock":[39],"Spain,":[41],"and":[42,90,121],"a":[43,64,95,123],"stylized":[44],"model":[45],"is":[46],"used":[47],"structure":[49],"empirical":[51],"results.":[52],"Unlike":[53],"non-PGL,":[54],"provide":[56],"more":[57],"PGL":[58,112],"firms":[61,72,103],"accounting":[62],"for":[63,81,130],"higher":[65],"share":[66,124],"their":[68,126],"total":[69,127],"before":[73],"crisis.":[75],"Importantly,":[76],"effects":[78,89],"are":[79],"stronger":[80],"banks.":[83,132],"Results":[84],"using":[85],"firm":[86],"(bank)":[87],"fixed":[88],"loan":[91],"volume/price":[92],"information":[93],"suggest":[94],"supply-driven":[96],"mechanism.":[97],"Exploiting":[98],"exogenous":[99],"variations":[100],"across":[101],"similar":[102],"with":[104],"different":[105],"access":[106],"PGL,":[108],"we":[109],"show":[110],"increases":[113],"banks\u2019":[114],"firms,":[118],"both":[119],"overall":[120],"as":[122],"lending,":[128],"especially":[129]},"counts_by_year":[{"year":2025,"cited_by_count":3},{"year":2024,"cited_by_count":13},{"year":2023,"cited_by_count":5}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2023-07-26T00:00:00"}