美联储借贷便利对商业银行PPP借贷的影响

IF 3.1 1区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Intermediation Pub Date : 2023-07-01 DOI:10.1016/j.jfi.2023.101042

Sriya Anbil, Mark Carlson, Mary-Frances Styczynski

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引用次数: 1

摘要

我们调查了美联储的工资支票保护计划流动性贷款（PPPLF）是否促进了商业银行的工资支票保障计划（PPP）贷款。为了确定这一机制是否具有因果效应，我们使用了对美联储贴现窗口的预先熟悉程度作为工具变量。我们表明，PPPLF在很大程度上支持了银行PPP贷款，并为未使用该贷款的银行提供了有意义的资金支持。我们的论文是第一篇定量说明央行贷款作为资金支持的有效性的论文之一。

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The effect of the Federal Reserve’s lending facility on PPP lending by commercial banks

We investigate whether the Federal Reserve’s Paycheck Protection Program Liquidity Facility (PPPLF) boosted commercial bank Paycheck Protection Program (PPP) lending. To determine whether this facility had a causal effect, we use pre-existing familiarity with the Federal Reserve’s discount window as an instrumental variable. We show that the PPPLF materially bolstered bank PPP lending and provided a meaningful funding backstop for banks that did not use the facility. Our paper is one of the first to quantitatively illustrate the effectiveness of a central bank facility as a funding backstop.

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来源期刊

Journal of Financial Intermediation BUSINESS, FINANCE-

CiteScore

8.60

自引率

7.70%

发文量

期刊介绍： The Journal of Financial Intermediation seeks to publish research in the broad areas of financial intermediation, financial market structure, corporate finance, risk management, and valuation.