Bank market power and monetary policy transmission: Evidence from loan-level data

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2025-03-20 DOI:10.1016/j.ememar.2025.101280

Nadezhda Ivanova , Svetlana Popova , Konstantin Styrin

引用次数: 0

Abstract

This paper asks the following questions. How does bank' market power reshape the transmission of monetary policy to bank lending? How does it affect loan characteristics such as the loan volume and maturity, lending interest rates, risk, and the extensive margin of lending? Is there a trade-off between financial stability and the strength of monetary transmission? We find that, for credit institutions with greater market power, monetary policy has a muted effect on fixed and floating lending interest rates, loan maturities and the extensive margin of lending at floating rates, whereas its influence on the loan volume and the extensive margin for fixed-rate loans, and risk-taking is neutral. Our current findings implying no trade-off between the strength of monetary policy transmission and financial stability are indecisive and subject to further investigation.

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银行市场力量与货币政策传导：来自贷款层面数据的证据

本文提出了以下问题。银行的市场力量如何重塑货币政策对银行贷款的传导？它如何影响贷款特征，如贷款数量和期限、贷款利率、风险和贷款的广泛保证金？在金融稳定和货币传导力度之间是否存在权衡？我们发现，对于具有更大市场力量的信贷机构，货币政策对固定和浮动贷款利率、贷款期限和浮动利率贷款的广泛边际影响不大，而对固定利率贷款的贷款额和广泛边际以及风险承担的影响是中性的。我们目前的研究结果表明，货币政策传导力度与金融稳定之间没有权衡关系，这是不确定的，有待进一步调查。

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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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.