全球智库信息集成服务系统(G2TT): DP14989 Nonbanks, Banks, and Monetary Policy: U.S. Loan-Level Evidence since the 1990s

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP14989
	DP14989 Nonbanks, Banks, and Monetary Policy: U.S. Loan-Level Evidence since the 1990s
	José-Luis Peydró; David Elliott; Ralf Meisenzahl; Bryce C. Turner
发表日期	2020-07-03
出版年	2020
语种	英语
摘要	We show that credit supply effects and associated real effects of monetary policy depend on the size of nonbank presence in the respective lending market. Nonbank presence also alters how monetary policy affects the distribution of risk. For identification, we use exhaustive loan-level data since the 1990s and Gertler-Karadi (2015) monetary policy shocks. First, different from the literature showing that low monetary policy rates increase credit supply and risk-taking by banks, we find that higher monetary policy rates shifts credit supply for corporates, mortgages, and consumers shifts from regulated banks to less regulated, more fragile nonbanks. Moreover, this shift is more pronounced for ex-ante riskier borrowers. Second, nonbanks reduce the effectiveness of the bank lending channel of monetary policy at the loan-level. However, this reduction varies substantially across lending markets. Total credit and real effects are largely neutralized in consumer loans and the associated consumption, but not in corporate loans and investment.
主题	Monetary Economics and Fluctuations
关键词	Nonbank lending Shadow banks monetary policy Syndicated loans Consumer loans Mortgages
URL	https://cepr.org/publications/dp14989
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/543937
推荐引用方式 GB/T 7714	José-Luis Peydró,David Elliott,Ralf Meisenzahl,et al. DP14989 Nonbanks, Banks, and Monetary Policy: U.S. Loan-Level Evidence since the 1990s. 2020.