| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14224 |
| DP14224 Macroprudential and monetary policy: loan-level evidence from reserve requirements | |
| José-Luis Peydró; Cecilia Dassatti; Francesc Rodriguez Tous; Sergio Vicente | |
| 发表日期 | 2020-07-03 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We analyze the impact of reserve requirements on the supply of credit to the real sector. For identification, we exploit a tightening of reserve requirements in Uruguay during a global capital in inflows boom, where the change affected more foreign liabilities, in conjunction with its credit register that follows all bank loans granted to non-financial firms. Following a difference-in-differences approach, we compare lending to the same firm before and after the policy change among banks differently affected by the policy. The results show that the tightening of the reserve requirements for banks lead to a reduction of the supply of credit to firms. Importantly, the stronger quantitative results are for the tightening of reserve requirements to bank liabilities stemming from non-residents. Moreover, more affected banks increase their exposure into riskier firms, and larger banks mitigate the tightening effects. Finally, the firm-level analysis reveals that the cut in credit supply in the loan-level analysis is binding for firms. The results have implications for global monetary and financial stability policies. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Credit supply monetary policy International financial policy Banks Government policy and regulation |
| URL | https://cepr.org/publications/dp14224 |
| 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/543933 |
| 推荐引用方式 GB/T 7714 | José-Luis Peydró,Cecilia Dassatti,Francesc Rodriguez Tous,et al. DP14224 Macroprudential and monetary policy: loan-level evidence from reserve requirements. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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