Sticky Deposit Rates and Allocative Effects of Monetary Policy

Anne Duquerroy, Adrien Matray, Farzad Saidi
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引用次数: 9

Abstract

This paper documents that monetary policy affects credit supply through banks’ cost of funding. Using administrative credit-registry and regulatory bank data, we find that banks can incur an increase in their funding costs of at least 30 basis points before they adjust their lending. For identification, we exploit the existence of regulated-deposit accounts in France whose interest rates are set by the government and are, thus, not directly affected by the monetary-policy rate. When banks’ funding cost increases and they contract their lending, we observe portfolio reallocations consistent with risk shifting: banks that depend on regulated deposits lend less to large firms, and relatively more to small firms and entrepreneurs.
粘性存款利率与货币政策的配置效应
本文论证了货币政策通过银行融资成本影响信贷供给。利用行政信贷登记和监管银行数据,我们发现银行在调整贷款之前,其融资成本可能会增加至少30个基点。为了识别,我们利用了法国存在的受监管存款账户,其利率由政府设定,因此不受货币政策利率的直接影响。当银行融资成本上升并收缩贷款时,我们观察到与风险转移相一致的投资组合再配置:依赖受监管存款的银行向大公司提供的贷款较少,而向小企业和企业家提供的贷款相对较多。
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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