Bank risks and lending outcomes: Evidence from QE
| Autor: | Federico Beltrame, Alex Sclip, Andrea Paltrinieri, Claudia Girardone |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2021 |
| Předmět: |
Economics and Econometrics
Settore SECS-P/11 - Economia degli Intermediari Finanziari Large scale asset purchases Monetary policy Psychological intervention Lending Monetary economics Quantitative easing Bank Risks Monetary Policy Large Scale Asset Purchases Quantitative Easing Federal Reserve Banking sector Bank risks Bank risk Settore SECS-P/09 - Finanza Aziendale Federal reserve Economics Finance |
| Popis: | This paper investigates the impact of bank risk positions on their lending outcomes during quantitative easing (QE) interventions. We find that after the first and second round of QE, banks with lower default probabilities expand lending more in comparison to their risky counterparts. However, differences were no longer relevant in the third round of QE, which occurred at a time when the banking sector health was improved relative to QE1. Our findings suggest that bank riskiness is important for the transmission of unconventional monetary policy interventions. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
|