Capital Regulation and Shadow Finance: A Quantitative Analysis

IF 5.9 1区经济学 Q1 ECONOMICS

Review of Economic Studies Pub Date : 2023-11-03 DOI:10.1093/restud/rdad105

Hyunju Lee, Sunyoung Lee, Radoslaw Paluszynski

引用次数: 1

Abstract

Abstract This paper studies the effects of higher bank capital requirements. Using new firm-lender matched credit data from South Korea, we document that Basel III coincided with a 25% decline in credit from regulated banks, and an increase of similar magnitude from nonbank (shadow) lenders. We use our data to estimate the effect of capital requirements on bank credit, and the spillover effect of the reform on non-bank lending. We then build a general equilibrium model with heterogeneous banks and firms that replicates these micro estimates. We find that Basel III can account for most of the observed decrease in regulated bank lending, and about three quarters of the increase in shadow lending. The latter is driven exclusively by general equilibrium effects of the reform.

查看原文本刊更多论文

资本监管与影子金融:一个定量分析

摘要本文研究了提高银行资本金要求的影响。利用韩国的新公司-贷款人匹配信贷数据，我们发现巴塞尔III与受监管银行的信贷下降25%以及非银行(影子)贷款机构的信贷增长幅度相似。我们使用我们的数据来估计资本要求对银行信贷的影响，以及改革对非银行贷款的溢出效应。然后，我们用异质银行和公司建立了一个一般均衡模型来复制这些微观估计。我们发现，巴塞尔协议III可以解释大部分观察到的受监管银行贷款的减少，以及影子贷款增加的大约四分之三。后者完全是由改革的一般均衡效应驱动的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Review of Economic Studies ECONOMICS-

CiteScore

10.40

自引率

3.40%

发文量

期刊介绍： Founded in 1933 by a group of young British and American economists, The Review of Economic Studies aims to encourage research in theoretical and applied economics, especially by young economists. Today it is widely recognised as one of the core top-five economics journals. The Review is essential reading for economists and has a reputation for publishing path-breaking papers in theoretical and applied economics. The Review is committed to continuing to publish strong papers in all areas of economics. The Editors aim to provide an efficient and high-quality review process to the Review''s authors. Where articles are sent out for full review, authors receive careful reports and feedback. Since 1989 The Review has held annual May Meetings to offer young students in economics and finance the chance to present their research to audiences in Europe.