Estamos realizando la búsqueda. Por favor, espere...
Abstract: The purpose of this article is to quantify how bank capital determines the effects of mone- tary policy on bank lending. Additionally, we test how these effects differ during monetary contractions and expansions. Using a sample of 3,028 European banks between 1999 and 2012, we find that the reduction in loans caused by monetary restrictions is similar across banks regardless of their capital. In addition, during monetary expansions, banks increase their loan supply more as they become better capitalized. Contrary to previous studies, there are differences in the monetary policy transmission through capital only during ex- pansionary monetary regimes. These results are relevant because previous studies have not measured how the marginal effect of monetary policy on the growth of loans varies with the value of capital. We contribute to the existing literature by using a new approach that quantifies this marginal effect, which considerably improves the interpretation of statisti- cal results from models that include continuous variable interactions and allows a better understanding of the role of bank capital in the transmission of monetary shocks.
Fuente: Finance Research Letters, Volume 24, March 2018, Pages 95-104
Fecha de publicación: 01/03/2018
Nº de páginas: 14
Tipo de publicación: Artículo de Revista
Url de la publicación: http://dx.doi.org/10.1016/j.frl.2017.07.021
Consultar en UCrea Leer publicación
MARIA CANTERO SAIZ
SERGIO SANFILIPPO AZOFRA
MARIA BEGOÑA TORRE OLMO
CARLOS LOPEZ GUTIERREZ