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This paper studies whether and how banks' technological innovations affect the bank lending channel of monetary policy … transmission. We first provide a theoretical model in which banks' technological innovation relaxes firms' earning-based bor rowing … constraints and thereby enlarges the response of banks' lending to mone tary policy changes. To test the empirical implications …
Persistent link: https://www.econbiz.de/10014429551
This study investigates whether and how financial technologies (FinTech) influence the effectiveness of monetary policy transmission. We use an interacted panel vector autoregression model to explore how the effects of monetary policy shocks change with regional-level FinTech adoption. Results...
Persistent link: https://www.econbiz.de/10014437807
This paper studies whether and how banks' technological innovations affect the bank lending channel of monetary policy … transmission. We first provide a theoretical model in which banks' technological innovation relaxes firms' earning-based borrowing … constraints and thereby enlarges the response of banks' lending to monetary policy changes. To test the empirical implications, we …
Persistent link: https://www.econbiz.de/10014446303
Do banks use credit default swap hedging to substitute for loan sales? By tracking banks' lending exposures and CDS … positions on individual firms, we find that banks use CDS hedging to complement rather than to substitute for loan sales … suggests that banks sell CDS protection as credit enhancements to facilitate loan sales. This study employs identification …
Persistent link: https://www.econbiz.de/10012148278
​We test five hypotheses on whether banks use CDS to hedge corporate loans, provide credit enhancements, obtain … regulatory capital relief, and exploit banking relationship and private information. Linking large banks' CDS positions and … hypotheses, but mixed evidence for the hedging, banking relationship, and private information hypotheses. Banks buy and sell more …
Persistent link: https://www.econbiz.de/10012148279
We empirically examine three channels in the relation between banks' CDS trading and loan sales. The substitute channel …. The credit-enhancement channel predicts a positive relation between banks' CDS selling and loan sales. Using syndicated … loan share ownership data of U.S. banks over the period 2001–2013, we find that the complementary channel dominates the …
Persistent link: https://www.econbiz.de/10012971614
Korean Abstract: 본 연구는 중국 사례를 통해 핀테크 서비스 이용 확대가 통화정책의 파급효과에 미치는 영향을 실증적으로 분석하였다. 중국의 통화정책 충격에 따른 성(省)별(province level) 경제변수들의 반응이 핀테크 이용량에...
Persistent link: https://www.econbiz.de/10014346437
This paper studies whether and how banks’ technological innovations affect the bank lending channel of monetary policy … transmission. We first provide a theoretical model in which banks' technological innovation relaxes firms’ earning-based borrowing … constraints and thereby enlarges the response of banks’ lending to monetary policy changes. To test the empirical implications, we …
Persistent link: https://www.econbiz.de/10014429944
arbitrage and competition between FinTech and banks are the possible mechanisms leading to a mitigated monetary policy …
Persistent link: https://www.econbiz.de/10013249780
This paper studies whether and how banks’ technology adoption affects the bank lending channel of monetary policy … the bank’s lending business and which specific technology is adopted. We find that lending-related technology adoption …
Persistent link: https://www.econbiz.de/10013211810