| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12172 |
| DP12172 Changes in the Cost of Bank Equity and the Supply of Bank Credit | |
| Steven Ongena; Claire Célérier; Thomas Kick | |
| 发表日期 | 2017-07-21 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Does the relative cost of equity determine the composition of bank balance sheets and credit supply? To answer this question, we exploit the staggered introduction of tax reforms in Europe from 2000 to 2012 as exogenous sources of changes in the cost of equity. We investigate the effect on credit supply using loan-level data in a country where firms are not affected by these reforms, and where foreign banks affected by the reforms are lending actively: Germany. We find that the relative decrease in the cost of equity leads banks to rely more on equity financing and to increase lending to firms while decreasing security and interbank asset holdings. Overall, we show that taxation can be an effective tool to contain bank leverage while maintaining credit supply. |
| 主题 | Financial Economics |
| 关键词 | Credit Bank capital Regulation |
| URL | https://cepr.org/publications/dp12172 |
| 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/540984 |
| 推荐引用方式 GB/T 7714 | Steven Ongena,Claire Célérier,Thomas Kick. DP12172 Changes in the Cost of Bank Equity and the Supply of Bank Credit. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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