返回Google圖書搜尋

Monetary Policy, Risk-Taking and Pricing

Vasso IoannidouSteven OngenaJosé-Luis Peydró

其他書名	Evidence from a Quasi-Natural Experiment
出版	Universitat Pompeu Fabra, Department of Economics and Business, 2014
URL	http://books.google.com.hk/books?id=j9nMzQEACAAJ&hl=&source=gbs_api

註釋We study the risk-taking channel of monetary policy in Bolivia, a dollarized country where monetary changes are transmitted exogenously from the US. We find that a lower policy rate spurs the granting of riskier loans, to borrowers with worse credit histories, lower ex-ante internal ratings, and weaker ex-post performance (acutely so when the rate subsequently increases). Effects are stronger for small firms borrowing from multiple banks. To uniquely identify risk-taking we assess collateral coverage, expected returns and risk premia of the newly-granted riskier loans, finding that their returns and premia are actually lower, especially at banks suffering from agency problems.