Monetary policy at work: Security and credit application registers evidence
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- dc.contributor.author Peydró, José-Luis
- dc.contributor.author Polo, Andrea
- dc.contributor.author Enrico, Sette
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:09:34Z
- dc.date.available 2024-11-14T10:09:34Z
- dc.date.issued 2017-04-28
- dc.date.modified 2024-11-14T10:05:34Z
- dc.description.abstract Monetary policy transmission may be impaired if banks rebalance their portfolios towards securities to e.g. risk-shift or hoard liquidity. We identify the bank lending and risk-taking channels by exploiting - Italian's unique - credit and security registers. In crisis times, with higher ECB liquidity, less capitalized banks react by increasing securities over credit supply, inducing worse firm-level real effects. However, they buy securities with lower yields and haircuts, thus reaching-for-safety and liquidity. Differently, in pre-crisis time, securities do not crowd-out credit supply. The substitution from lending to securities in crisis times helps less capitalized banks to repair their balance-sheets and then restart credit supply with a one year-lag.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1565
- dc.identifier.citation Review of Financial Economics, 140(3), June 2021, pp. 789-814, DOI: https://doi.org/10.1016/j.jfineco.2021.01.008
- dc.identifier.uri http://hdl.handle.net/10230/32635
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1565
- 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 monetary policy
- dc.subject.keyword securities
- dc.subject.keyword loan applications
- dc.subject.keyword bank capital
- dc.subject.keyword reach-for-yield
- dc.subject.keyword held to maturity
- dc.subject.keyword available for sale
- dc.subject.keyword trading book
- dc.subject.keyword haircuts
- dc.subject.keyword regulatory arbitrage
- dc.subject.keyword sovereign debt.
- dc.subject.keyword Finance and Accounting
- dc.subject.keyword Macroeconomics and International Economics
- dc.subject.keyword Labour, Public, Development and Health Economics
- dc.title Monetary policy at work: Security and credit application registers evidence
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper