中央银行流动性再配置与银行贷款：来自分级制度的证据

IF 10.4 1区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Economics Pub Date : 2025-04-03 DOI:10.1016/j.jfineco.2025.104058

Carlo Altavilla , Miguel Boucinha , Lorenzo Burlon , Mariassunta Giannetti , Julian Schumacher

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引用次数: 0

摘要

我们发现，央行将准备金重新配置给流动性需求更高的银行，会促进信贷供应。利用欧洲央行的分层准备金报酬制度进行识别，我们表明该制度鼓励低准备金持有量的银行通过货币市场获得更多的准备金。与此同时，这些银行减少了证券持有量，并发放了更多信贷。我们估计，将1欧元的准备金重新分配给事先持有低准备金的银行，会导致信贷供应增加约15美分。

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Central bank liquidity reallocation and bank lending: Evidence from the tiering system

We document that the reallocation of central bank reserves towards banks with higher liquidity needs fosters credit supply. Exploiting the ECB's tiered reserve remuneration system for identification, we show that this system encouraged banks with low reserve holdings to obtain more reserves through the money market. Concomitantly, these banks reduced their securities holdings and extended more credit. We estimate that the reallocation of one euro of reserves towards banks with ex ante low reserve holdings resulted in an increase in credit supply of about 15 cents.

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来源期刊

Journal of Financial Economics Multiple-

CiteScore

15.80

自引率

4.50%

发文量

192

审稿时长

37 days

期刊介绍： The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.