中央银行流动性准备金的设计与传导

Luisa Carpinelli, Matteo Crosignani
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引用次数: 57

摘要

我们分析了贷款期限和抵押品资格在批发资金枯竭后向银行传递央行流动性规定的作用。我们分析了意大利三年期ltro的传导情况,这大大延长了欧洲央行的流动性期限,意大利的银行受益于一项政府担保计划,该计划有效地放宽了欧洲央行的抵押品要求。结合国家信用登记和银行持有的证券,我们发现(i)期限延长支持了银行的信贷供应,(ii)银行使用大部分流动性购买国内政府债券和替代缺失的批发融资,这可能是干预的两个未声明的目标。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Design and Transmission of Central Bank Liquidity Provisions
We analyze the role of loan maturity and collateral eligibility for the transmission of central bank liquidity provisions to banks following a wholesale funding dry-up. We analyze the transmission of the three-year LTRO—which substantially extended the ECB liquidity maturity—in Italy, where banks benefited from a government guarantee program that effectively relaxed the ECB collateral requirements. Combining the national credit register with banks’ securities holdings, we find that (i) the maturity extension supported banks’ credit supply and (ii) banks used most liquidity to buy domestic government bonds and substitute missing wholesale funding, two possibly unstated goals of the intervention.
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