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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