Procyclical Capital Regulation and Lending

Autor:	Paul Wachtel, Rainer Haselmann, Markus Behn
Rok vydání:	2016
Předmět:	Economics and Econometrics 050208 finance education 05 social sciences Monetary economics Fixed capital Accounting German economy Capital (economics) 0502 economics and business Economics 050207 economics health care economics and organizations Finance Credit risk
Zdroj:	The Journal of Finance. 71:919-956
ISSN:	0022-1082
Popis:	We use a quasi-experimental research design to examine the effect of model-based capital regulation on the procyclicality of bank lending and firms' access to funds. In response to an exogenous shock to credit risk in the German economy, capital charges for loans under model-based regulation increased by 0.5 percentage points. As a consequence, banks reduced the amount of these loans by 2.1 to 3.9 percentage points more than for loans under the traditional approach with fixed capital charges. We find an even stronger effect when we examine aggregate firm borrowing, suggesting that microprudential capital regulation can have sizeable real effects.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::bb344664f95ffe00edf0c693c89446a0 https://doi.org/10.1111/jofi.12368 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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