Monetary policy, ownership structure, and risk-taking at financial intermediaries

IF 2.6 Q2 BUSINESS, FINANCE
Giorgio Caselli, Catarina Figueira
{"title":"Monetary policy, ownership structure, and risk-taking at financial intermediaries","authors":"Giorgio Caselli,&nbsp;Catarina Figueira","doi":"10.1111/fire.12329","DOIUrl":null,"url":null,"abstract":"<p>This paper examines how ownership structure interacts with monetary policy in shaping financial intermediaries' appetite for risk. By constructing a large panel of banks across Western Europe, we provide evidence that differences in bank ownership influence the transmission of monetary policy via the risk-taking channel. While shareholder banks actively adjust the riskiness of their portfolios to changes in interest rates, stakeholder banks appear to be less responsive to such changes. These findings call for greater attention to the nature of bank ownership when setting monetary policy.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 1","pages":"167-191"},"PeriodicalIF":2.6000,"publicationDate":"2022-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12329","citationCount":"4","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"FINANCIAL REVIEW","FirstCategoryId":"1085","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/fire.12329","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 4

Abstract

This paper examines how ownership structure interacts with monetary policy in shaping financial intermediaries' appetite for risk. By constructing a large panel of banks across Western Europe, we provide evidence that differences in bank ownership influence the transmission of monetary policy via the risk-taking channel. While shareholder banks actively adjust the riskiness of their portfolios to changes in interest rates, stakeholder banks appear to be less responsive to such changes. These findings call for greater attention to the nature of bank ownership when setting monetary policy.

货币政策、所有权结构和金融中介机构的风险承担
本文研究了所有权结构与货币政策在塑造金融中介机构风险偏好方面的相互作用。通过在西欧建立一个大型银行小组,我们提供了证据,证明银行所有权的差异会通过风险承担渠道影响货币政策的传导。虽然股东银行积极调整其投资组合的风险以适应利率的变化,但股东银行似乎对这种变化的反应较弱。这些发现呼吁在制定货币政策时更加关注银行所有权的性质。
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
FINANCIAL REVIEW
FINANCIAL REVIEW BUSINESS, FINANCE-
CiteScore
3.30
自引率
28.10%
发文量
39
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信