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Hazardous times for monetary policy: what do twenty-three million bank loans say about the effects on credit risk-taking?

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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.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.date.accessioned 2020-05-25T09:27:09Z
dc.date.available 2020-05-25T09:27:09Z
dc.date.issued 2013-05-01
dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1705
dc.identifier.citation Econometrica, 82 (2), 2014, 463-505
dc.identifier.uri http://hdl.handle.net/10230/44794
dc.description.abstract We identify the effects of monetary policy on credit risk-taking with an exhaustive credit register of loan applications and contracts. We separate the changes in the composition of the supply of credit from the concurrent changes in the volume of supply and quality and volume of demand. We employ a two-stage model that analyzes the granting of loan applications in the first stage and loan outcomes for the applications granted in the second stage, and that controls for both observed and unobserved, time-varying, firm and bank heterogeneity through time*firm and time*bank fixed effects. We find that a lower overnight interest rate induces lowly capitalized banks to grant more loan applications to ex-ante risky firms and to commit larger loan volumes with fewer collateral requirements to these firms, yet with a higher expost likelihood of default. A lower long-term interest rate and other relevant macroeconomic variables have no such effects.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.relation.ispartofseries Economics and Business Working Papers Series; 1705
dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.title Hazardous times for monetary policy: what do twenty-three million bank loans say about the effects on credit risk-taking?
dc.type info:eu-repo/semantics/workingPaper
dc.date.modified 2020-05-25T09:26:25Z
dc.subject.keyword monetary policy
dc.subject.keyword financial stability
dc.subject.keyword credit risk
dc.subject.keyword credit supply composition
dc.subject.keyword bank capital.
dc.subject.keyword Finance and Accounting
dc.rights.accessRights info:eu-repo/semantics/openAccess

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