NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Emilia Bonaccorsi di Patti

Bank of Italy
Via Nazionale 91
00184 Roma,
Italy
Tel: +39 06 4792 2359

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Institutional Affiliation: Banca d'Italia

NBER Working Papers and Publications

August 2017Which Banks Recover From Large Adverse Shocks?
with Anil Kashyap: w23654
We analyze the fate of 110 Italian banks that experienced abrupt drops in profitability, from which about 1/3 recover. Recovery depends primarily on post-shock adjustments made by the banks, particularly to their loan portfolios. Matched bank-borrower data shows that recovering banks are significantly more aggressive in managing their riskiest clients. The risk management differences are consistent with some banks cutting credit to very riskiest clients while others appear to be gambling for reclamation by continuing to extend credit to high risk borrowers.
 
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