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.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.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.doi http://dx.doi.org/10.1086/694289
- dc.identifier.issn 0022-3808
- dc.identifier.uri http://hdl.handle.net/10230/37074
- dc.language.iso eng
- dc.publisher University of Chicago Press
- dc.relation.ispartof The Journal of Political Economy. 2017;125(6):2126-77.
- dc.relation.projectID info:eu-repo/grantAgreement/EC/H2020/648398
- dc.rights © University of Chicago Press http://www.journals.uchicago.edu
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- 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.type.version info:eu-repo/semantics/publishedVersion