缺乏金融稳定会削弱货币政策的传导吗?
DOES THE LACK OF FINANCIAL STABILITY IMPAIR THE TRANSMISSIONOF MONETARY POLICY?
作者:
病毒V.阿查里亚(Viral V. Acharya)
比约恩·伊姆比洛维奇(BjörnImbierowicz)
萨莎·斯蒂芬(Sascha Steffen)
丹尼尔·泰希曼(Daniel Teichmann)
We investigate the transmission of central bank liquidity to bank deposits and loan spreads inEurope over the period from January 2006 to June 2010. We find evidence consistent with animpaired transmission channel due to bank risk. Central bank liquidity does not translate intolower loan spreads for high-risk banks for maturities beyond one year, even as it lowers depositspreads for both high-risk and low-risk banks. This adversely affects the balance sheets of highrisk bank borrowers, leading to lower payouts, capital expenditures and employment. Overall, ourresults suggest that banks’ capital constraints at the time of an easing of monetary policy pose achallenge to the effectiveness of the bank-lending channel and the central bank's lender-of-lastresort function.
我们调查了2006年1月至2010年6月期间欧洲中央银行流动性向银行存款和贷款利差的传导。我们发现证据与银行风险导致的传导渠道受损一致。央行的流动性不会转化为期限超过一年的高风险银行的贷款利差降低,即使它降低了高风险和低风险银行的存款利差。这对高风险银行借款人的资产负债表产生不利影响,导致支出,资本支出和就业人数减少。总体而言,我们的结果表明,货币政策放松时银行的资本约束对银行放贷渠道和中央银行的最后贷款人功能的有效性构成了挑战。
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