非常规货币政策在银行贷款中的风险承担渠道

PSN: Financial Institutions (Topic) Pub Date : 2020-02-08 DOI:10.2139/ssrn.3044582

Kiyotaka Nakashima, Masahiko Shibamoto, Koji Takahashi

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引用次数: 12

摘要

本文利用1999年至2015年的银行-企业贷款水平匹配数据，通过提取日本过去20年非常规货币政策的外生变化，研究了非常规货币政策对银行贷款的影响。我们发现，日本央行持有的非常规资产份额的增加，促进了流动性比率较低、风险偏好较高的银行向信用风险较高的企业提供贷款，而杠杆率较高的银行向风险较高的企业提供货币贷款的扩张。

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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Risk-Taking Channel of Unconventional Monetary Policies in Bank Lending

We investigate the effects of unconventional monetary policy on bank lending, using a bank-firm loan-level matched dataset from 1999 to 2015 by extracting exogenous changes in unconventional monetary policies over the past 20 years in Japan. We find that an increase in the share of unconventional assets held by the Bank of Japan boosts lending to firms with higher credit risks from banks with lower liquidity ratios and higher risk appetites while an expansion of the monetary lending to risky firms from banks with higher leverage.

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PSN: Financial Institutions (Topic)

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