Nonbanks, banks, and monetary policy : U.S. loan-level evidence since the 1990s
| Autor: | Elliott, David, 1947, Meisenzahl, Ralf R., Peydró, José-Luis, Turner, Bryce C. |
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| Přispěvatelé: | Universitat Pompeu Fabra. Departament d'Economia i Empresa |
| Rok vydání: | 2020 |
| Předmět: |
G28
Nonbank Intermediaries Nonbank lending Credit and Risk-Taking Channel negative rates Household and Corporate Loans Monetary policy Banks ddc:330 Transmission Shadow banks Macroeconomics and International Economics Credit and risk-taking channel E51 E52 Household and corporate loans Nonbank intermediaries reach-for-yield Syndicated loans securities Consumer Loans Monetary Policy Transmission Mortgages G21 G23 banks non-standard monetary policy |
| Zdroj: | Repositorio Digital de la UPF Universitat Pompeu Fabra |
| Popis: | We show that credit supply effects and associated real effects of monetary policy depend on the size of nonbank presence in the respective lending market. Nonbank presence also alters how monetary policy affects the distribution of risk. For identification, we use exhaustive loan-level data since the 1990s and Gertler-Karadi (2015) monetary policy shocks. First, different from the literature showing that low monetary policy rates increase credit supply and risk-taking by banks, we find that higher monetary policy rates shifts credit supply for corporates, mortgages, and consumers shifts from regulated banks to less regulated, more fragile nonbanks. Moreover, this shift is more pronounced for ex-ante riskier borrowers. Second, nonbanks reduce the effectiveness of the bank lending channel of monetary policy at the loan-level. However, this reduction varies substantially across lending markets. Total credit and real effects are largely neutralized in consumer loans and the associated consumption, but not in corporate loans and investment. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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