| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13693 |
| DP13693 The transmission channels of unconventional monetary policy: Evidence from a change in collateral requirements in France | |
| Anne-Laure Delatte; Jean Imbs | |
| 发表日期 | 2019-04-24 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Using a bank-firm level credit registry combined with firm-level balance sheet data we establish the presence of heterogeneity in the effects of unconventional monetary policy transmission. We examine the consequences of a loosening in the collateral eligibility requirement for credit refinancing in France. The policy was designed to affect bank lending positively. We expect a linear increase in lending and an additional increase in loans to firms with newly acceptable rating. We find a large heterogeneity of the monetary policy transmission including the unexpected reduction of lending by the banks benefiting the most from the policy. These are small, risk-averse banks whose foremost concern after the recession was to strengthen their balance sheets. Banks least affected by the policy respond with a reduction in credit to low risk borrowers in reaction to the change in the market structure. Last we document heterogenous effects of the policy on firms depending on their size. |
| 主题 | Financial Economics ; International Macroeconomics and Finance |
| 关键词 | Unconventional monetary policy Transmission channels Corporate finance Real effects of monetary policy Individual data |
| URL | https://cepr.org/publications/dp13693 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542554 |
| 推荐引用方式 GB/T 7714 | Anne-Laure Delatte,Jean Imbs. DP13693 The transmission channels of unconventional monetary policy: Evidence from a change in collateral requirements in France. 2019. |
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