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Macroprudential policy, countercyclical bank capital buffers and credit supply: evidence from the spanish dynamic provisioning experiments

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dc.contributor.author Jiménez, Gabriel
dc.contributor.author Ongena, Steven
dc.contributor.author Peydró, José-Luis
dc.contributor.author Saurina, Jesús
dc.date.accessioned 2019-04-10T07:58:26Z
dc.date.available 2019-04-10T07:58:26Z
dc.date.issued 2017
dc.identifier.citation Jiménez G, Ongena S, Peydró JL, Saurina J. Macroprudential policy, countercyclical bank capital buffers and credit supply: evidence from the spanish dynamic provisioning experiments. J Polit Econ. 2017;125(6):2126-77. DOI: 10.1086/694289
dc.identifier.issn 0022-3808
dc.identifier.uri http://hdl.handle.net/10230/37074
dc.description.abstract To study the impact of macroprudential policy on credit supply cycles and real effects, we analyze dynamic provisioning. Introduced in Spain in 2000, revised four times, and tested in its countercyclicality during the crisis, it affected banks differentially. We find that dynamic provisioning smooths credit supply cycles and, in bad times, supports firm performance. A 1 percentage point increase in capital buffers extends credit to firms by 9 percentage points, increasing firm employment (6 percentage points) and survival (1 percentage point). Moreover, there are important compositional effects in credit supply related to risk and regulatory arbitrage by nonregulated and regulated but less affected banks.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.publisher University of Chicago Press
dc.relation.ispartof The Journal of Political Economy. 2017;125(6):2126-77.
dc.rights © University of Chicago Press http://www.journals.uchicago.edu
dc.title Macroprudential policy, countercyclical bank capital buffers and credit supply: evidence from the spanish dynamic provisioning experiments
dc.type info:eu-repo/semantics/article
dc.identifier.doi http://dx.doi.org/10.1086/694289
dc.relation.projectID info:eu-repo/grantAgreement/EC/H2020/648398
dc.rights.accessRights info:eu-repo/semantics/openAccess
dc.type.version info:eu-repo/semantics/publishedVersion

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