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The Effect of TLTRO-II on Bank Lending
Laine, Olli-Matti - 2020
This study estimates the effect of the European Central Bank's second series of targeted longerterm refinancing operations (TLTRO-II) on bank lending using bank level data from multiple countries and instrumental variable estimation. Effects on corporate loans and loans for consumption are...
Persistent link: https://www.econbiz.de/10012849601
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Credit Crunch? An Empirical Test of Cyclical Credit Policy
Herrala, Risto - 2009
In this paper we test the hypothesis that credit policies are pro-cyclical. Our approach is based on a stochastic … household borrowers during a huge cycle and its aftermath yields evidence of time-varying credit policy. We find that the focus … of credit policy changed from collateral to current income during the cycle. Instead of a credit crunch, ie, an overall …
Persistent link: https://www.econbiz.de/10013158380
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The Lending Channel under Optimal Choice of Monetary Policy
Kilponen, Juha - 2008
Building on Cecchetti and Li (2005), we show that the bank lending channel affects monetary policy trade-offs only when interest rates affect marginal costs of production (ie when there is a cost channel of monetary policy) in the New Keynesian monetary policy model. In our calibrated model the...
Persistent link: https://www.econbiz.de/10012725719
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Enforcement of Banking Regulation and the Cost of Borrowing
Deli, Yota - 2018
that forces banks to lower their cost of credit, irrespective of other changes in their business models after the …
Persistent link: https://www.econbiz.de/10012909236
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Model-Based Regulation and Firms' Access to Finance
Tuuli, Saara - 2019
a deterioration in their access to finance. When the sample is adjusted for the demand for credit, this estimate … increases to 12-13 percentage points. The impact is found to come via increases in the cost of credit and to a smaller extent …
Persistent link: https://www.econbiz.de/10012892680
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The Net Stable Funding Ratio Requirement When Money is Endogenous
Kauko, Karlo - 2015
​The NSFR regulation reduces banks' liquidity risks by encouraging the use of deposit funding. Deposit money is created by lending, but the requirement restricts possibilities to grant loans. This contradiction may be destabilising if there is a substantial foreign debt
Persistent link: https://www.econbiz.de/10013029130
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Central Bank Liquidity Auction Mechanism Design and the Interbank Market
Ollikka, Kimmo - 2013
We study whether the mechanism design in the central bank liquidity auctions matters for the interbank money market interest rate levels and volatility. Furthermore, we compare different mechanisms to sell liquidity in terms of revenue, efficiency and auction stage interest rate levels and...
Persistent link: https://www.econbiz.de/10013075449
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Early Intervention and Prompt Corrective Action in Europe
Mayes, David G. - 2009
The present crisis has revealed that, as expected, much of the safety net for handling failures in the banking system is deficient, particularly for cross-border banks, and the present problems had to be handled by a range of ad hoc measures. The principal new measure that needs to be undertaken...
Persistent link: https://www.econbiz.de/10013157005
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Did the Basel Process of Capital Regulation Enhance the Resiliency of European Banks?
Gehrig, Thomas - 2018
systemic risk (SRISK) is intimately tied to the implementation of internal models for determining credit risk as well as market …
Persistent link: https://www.econbiz.de/10012910412
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Markets, Reserves and Lenders of Last Resort as Sources of Bank Liquidity
Herrala, Risto - 2009
We study the long standing issue of whether markets can supply banks with sufficient liquidity or whether markets should be complemented with a lender of last resort (LOLR). For this purpose, we develop an extended version of the recent model of Holmstrouml;m and Tirole (1998) on the supply of...
Persistent link: https://www.econbiz.de/10012721121