Suchoptionen
Startseite Medien Wissenswertes Forschung und Publikationen Statistiken Geldpolitik Der Euro Zahlungsverkehr und Märkte Karriere
Vorschläge
Sortieren nach
Nicht auf Deutsch verfügbar.

Peichu Xie

15 February 2023
WORKING PAPER SERIES - No. 2784
Details
Abstract
Sector-specific macroprudential regulations can increase the riskiness of credit to other sec-tors. First, using cross-country bank-level data we find that after a tightening of household-specific macroprudential policy during a credit expansion, banks with larger portfolios of residential mortgages increase their corporate lending by more than banks with smaller mortgage portfolios. Second, we compute three country-level measures of the riskiness of corporate credit allocation based on firm-level data. Consistently across the measures, an unexpected tightening of household-specific macroprudential tools during a credit expansion is followed by an increase in riskiness of corporate credit. These effects are quantitatively meaningful: the riskiness of corporate credit increases by around 10 percent of the historical standard deviation following an unexpected policy tightening. Further evidence from bank lending standards surveys suggests that the leakage effects are stronger for larger firms com-pared to SMEs, consistent with recent evidence on the use of personal real estate as loan collateral by small firms.
JEL Code
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
G38 : Financial Economics→Corporate Finance and Governance→Government Policy and Regulation

Unsere Website verwendet Cookies.

Wir verwenden Funktionscookies zur Speicherung von Nutzerpräferenzen, Analysecookies zur Verbesserung der Website-Performance sowie Drittanbieter-Cookies, die von Diensten Dritter, die in die Website integriert sind, gesetzt werden. Sie können die Cookies annehmen oder ablehnen. Für weitere Informationen oder um die Einstellungen für die von uns verwendeten Cookies und Serverprotokolle zu ändern, verweisen wir Sie auf die folgenden Webseiten: