| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17337 |
| DP17337 Money Markets and Bank Lending: Evidence from the Tiering Adoption | |
| Carlo Altavilla; Miguel Boucinha; Lorenzo Burlon; Mariassunta Giannetti; Julian Schumacher | |
| 发表日期 | 2022-05-29 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Exploiting the introduction of the ECB’s tiering system for remunerating excess reserve holdings, we document the importance of the access to the money market for bank lending. We show that the two-tier system produced positive wealth effects for banks with excess reserves and encouraged a reallocation of liquidity toward banks with unused exemptions. This ultimately decreased the fragmentation in the money market and enhanced the transmission of monetary policy. Improved money market access incentivizes banks with unused allowances to extend more credit than other banks, including banks with excess liquidity whose valuations increased the most. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Money market Bank lending Negative interest rate policy |
| URL | https://cepr.org/publications/dp17337 |
| 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/546379 |
| 推荐引用方式 GB/T 7714 | Carlo Altavilla,Miguel Boucinha,Lorenzo Burlon,et al. DP17337 Money Markets and Bank Lending: Evidence from the Tiering Adoption. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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