| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4757 |
| DP4757 Capital Structure under Imperfect Enforcement | |
| Hans K. Hvide; Tore Leite | |
| 发表日期 | 2004-11-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This Paper compares the responses of bank loan components to a monetary tightening with the responses to negative output shocks. Real estate and consumer loans sharply decrease during a monetary tightening but not after a negative output shock. In contrast, C&I loans (and commercial paper) sharply decrease in response to output shocks, but not in response to a monetary tightening. These results are difficult to reconcile with a bank-lending channel of monetary transmission, in which the supply of commercial and industrial (C&I) loans is constrained. Hedging and bank capital regulation provide reasons why banks may want to substitute out of real estate and consumer loans, and into C&I loans during periods of high interest rates. |
| 主题 | International Macroeconomics |
| 关键词 | Hedging Bank capital regulation Interest rates |
| URL | https://cepr.org/publications/dp4757 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533673 |
| 推荐引用方式 GB/T 7714 | Hans K. Hvide,Tore Leite. DP4757 Capital Structure under Imperfect Enforcement. 2004. |
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