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The Currency Dimension of the Bank Lending Channel in International Monetary Transmission
Takáts, Előd - 2017
We investigate how the use of a currency transmits monetary policy shocks in the global banking system. We use newly available unique data on the bilateral crossborder lending flows of 27 BIS-reporting lending banking systems to over 50 borrowing countries, broken down by currency denomination...
Persistent link: https://www.econbiz.de/10012966715
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Bank credit and market-based finance for corporations : the effects of minibond issuances
Ongena, Steven; Pinoli, Sara; Rossi, Paola; Scopelliti, … - 2021
We study the effects of diversifying funding sources on the financing conditions for firms. We exploit a regulatory reform that took place in Italy in 2012, i.e. the introduction of ‘minibonds’, which opened a new market-based funding opportunity for unlisted firms. Using the Italian Credit...
Persistent link: https://www.econbiz.de/10012614108
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Bank credit and market-based finance for corporations : the effects of minibond issuances
Ongena, Steven; Pinoli, Sara; Rossi, Paola; Scopelliti, … - 2020
Does a diversification of funding sources affect the financing conditions for firms? To answer this question we study a regulatory reform which allowed unlisted firms to issue minibonds. Using the Italian Credit Register, we compare new loans granted to issuer firms with new loans concurrently...
Persistent link: https://www.econbiz.de/10012419623
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Financial Deglobalisation in Banking?
McCauley, Robert N. - 2017
This paper argues that the decline in cross-border banking since 2007 does not amount to a broad-based retreat in international lending ("financial deglobalisation"). We show that BIS international banking data organised by the nationality of ownership ("consolidated view") provide a clearer...
Persistent link: https://www.econbiz.de/10012953022
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The Real Effects of Relationship Lending
Banerjee, Ryan - 2017
This paper studies the real consequences of relationship lending on firm activity in Italy following Lehman Brothers' default shock and Europe's sovereign debt crisis. We use a large data set that merges the comprehensive Italian Credit and Firm Registers. We find that following Lehman's...
Persistent link: https://www.econbiz.de/10012946799
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The impact of treasury supply on financial sector lending and stability
Krishnamurthy, Arvind; Vissing-Jørgensen, Annette - 2015
We present a theory in which the key driver of short-term debt issued by the financial sector is the portfolio demand for safe and liquid assets by the nonfinancial sector. This demand drives a premium on safe and liquid assets that the financial sector exploits by owning risky and illiquid...
Persistent link: https://www.econbiz.de/10011412482
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Aggregate investment externalities and macroprudential regulation
Gersbach, Hans; Rochet, Jean-Charles - 2012
explanation for this phenomenon. We show that, instead of dampening productivity shocks, the banking sector tends to exacerbate …
Persistent link: https://www.econbiz.de/10009558435
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Credit Supply and Productivity Growth
Manaresi, Francesco - 2018
We study the impact of bank credit supply on firm output and productivity. By exploiting a matched firm-bank database … revenues) for a given level of inputs. Our estimates imply that a credit crunch will be followed by a productivity slowdown, as … account for about a quarter of the observed decline in Italy's total factor productivity growth. The results are robust to an …
Persistent link: https://www.econbiz.de/10012923261
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The Impact of Unconventional Monetary Policies on Retail Lending and Deposit Rates in the Euro Area
Hofmann, Boris - 2020
This paper investigates the overall effect of the European Central Bank's (ECB's) unconventional monetary policies (UMPs) implemented since 2008 on euro area bank retail lending and deposit rates offered to households and non-financial corporations. To do so, we use an analytical approach that...
Persistent link: https://www.econbiz.de/10012837534
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Implications of Negative Interest Rates for the Net Interest Margin and Lending of Euro Area Banks
Klein, Melanie - 2020
This paper explores the impact of low (but) positive and negative market interest rates on euro area banks' net interest margin (NIM) and its components, retail lending and retail deposit rates. Using two proprietary bank-level data sets, I find a positive impact of the level of the short-term...
Persistent link: https://www.econbiz.de/10012837536