谁会接受欧洲央行的定向融资?

Olivier Vergote, T. Sugo
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引用次数: 5

摘要

本文研究了银行通过2014年9月至2017年3月分配的前两轮定向长期再融资操作(TLTROs)从欧洲央行借款的动机。我们量化了决定银行接受决定的前三个参数是操作的价格,银行合格抵押品的数量,以及抵押品的组成。特别是,银行有机会将流动性较差的资产部分转化为流动性较强的央行准备金,将这些资产作为抵押物向央行质押,这是一个强烈的动机,表明接受广泛的抵押物对tltro提供的货币宽松政策非常重要。此外,我们发现TLTRO参与和接受的附加条件在创造不同财务实力和规模的银行的广泛参与方面发挥了重要作用。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Who Takes the Ecb's Targeted Funding?
This paper investigates motives of banks to borrow funds from the ECB through its first two series of targeted longer-term refinancing operations (TLTROs) allotted between September 2014 and March 2017. We quantify that the top-three parameters that determine banks’ take-up decisions are the price of the operation, the amount of eligible collateral of the bank, and the composition of that collateral. In particular, the opportunity for banks to transform their less liquid assets partly into liquid central bank reserves by pledging these assets as collateral with the central bank is a strong motive for take-up and suggests that accepting a broad set of collateral was important for the monetary easing provided by TLTROs. In addition, we find that the conditions attached to TLTRO participation and take-up played an important role in creating broad-based participation across banks of different financial strength and size.
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