The Pass-Through of Bank Capital Requirements to Corporate Lending Spreads

Robert Bichsel, Luisa Lambertini, Abhik Mukherjee, Dan Wunderli
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引用次数: 10

Abstract

Abstract We study the impact of higher bank capital requirements on corporate lending spreads using granular bank- and loan-level data. Our empirical strategy employs the heterogeneity in capital requirements across banks and time of implementation in Switzerland. We find that changes in the capital deviation from the regulatory minimum affect lending spreads asymmetrically. In response to a reduction in the capital deviation, banks with deficits with respect to their risk-weighted capital requirement raise spreads relative to banks with surpluses and de-leverage. Banks respond to higher requirements by raising spreads and, for deficit banks, by cutting lending.
银行资本要求对企业贷款息差的传递
摘要本文利用银行和贷款层面的细粒度数据研究了银行资本金要求提高对企业贷款利差的影响。我们的实证策略采用了瑞士各银行资本要求和实施时间的异质性。我们发现资本偏离监管最小值的变化对贷款息差的影响是不对称的。为了应对资本偏差的减少,相对于风险加权资本要求而言,存在赤字的银行会提高相对于拥有盈余并去杠杆化的银行的息差。银行通过提高息差来应对更高的要求,而对于赤字银行,则通过削减贷款来应对。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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