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.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:10:00Z
- dc.date.available 2024-11-14T10:10:00Z
- dc.date.issued 2012-06-01
- dc.date.modified 2024-11-14T10:03:41Z
- dc.description.abstract To study the impact of macroprudential policy on credit supply cycles and real effects, we analyze dynamic provisioning, which implies pro-cyclical bank capital regulation. Introduced in Spain in 2000, revised four times and tested in its counter-cyclicality during the crisis, it affected banks differentially. Accessing an exhaustive credit register, we find that dynamic provisioning smooths credit supply cycles and, in bad times, supports firm performance. A policy-induced one-percentage point (pp) increase in capital buffers extends credit to firms by 9 pp, increasing firm employment (6 pp) and survival (1 pp). Moreover, there are important compositional effects in credit supply related to risk and regulatory arbitrage by non-regulated and regulated-but-less-affected banks.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1315
- dc.identifier.citation Journal of Political Economy 2017, 125:6 , 2126-77
- dc.identifier.uri http://hdl.handle.net/10230/19851
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1315
- 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.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword bank capital
- dc.subject.keyword dynamic provisioning
- dc.subject.keyword credit availability
- dc.subject.keyword financial crisis.
- dc.subject.keyword Finance and Accounting
- dc.subject.keyword Macroeconomics and International Economics
- dc.subject.keyword Labour, Public, Development and Health Economics
- dc.title Macroprudential policy, countercyclical bank capital buffers and credit supply: Evidence from the Spanish dynamic provisioning experiments
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper