Please use this identifier to cite or link to this item: https://hdl.handle.net/20.500.14279/22775
Title: Are central banks to blame? Monetary policy and bank lending behavior
Authors: Michail, Nektarios A. 
Savva, Christos S. 
Koursaros, Demetris 
Major Field of Science: Social Sciences
Field Category: Economics and Business
Keywords: Bank lending;Euro area;Interest rate;Monetary policy;Persistence
Issue Date: 2021
Source: Bulletin of Economic Research, 2021
Journal: Bulletin of Economic Research 
Abstract: This paper tests the conjecture that easy money policies of central banks, that is setting low rates for long, are responsible for the excess risk-taking behavior that led to the global financial crisis. If the conjecture holds then policy rate shocks should have persistent effects on bank behavior either through the bank lending or the risk-taking channel. Using data for the period prior to the global financial crisis, and a shock persistence methodology, we find that the policy rate has only limited idiosyncratic effects on bank lending growth and no effect on credit risk.
URI: https://hdl.handle.net/20.500.14279/22775
ISSN: 14678586
DOI: 10.1111/boer.12273
Rights: © Wiley
Attribution-NonCommercial-NoDerivatives 4.0 International
Type: Article
Affiliation : Cyprus University of Technology 
Publication Type: Peer Reviewed
Appears in Collections:Άρθρα/Articles

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