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Bank Leverage and Monetary Policy's Risk-Taking Channel
Mr.Giovanni Dell'Ariccia
Mr.Luc Laeven
Mr.Gustavo Suarez
其他書名
Evidence from the United States
出版
International Monetary Fund
, 2013-06-06
主題
Business & Economics / Banks & Banking
Business & Economics / Industries / Financial Services
Business & Economics / Money & Monetary Policy
ISBN
1484381130
9781484381137
URL
http://books.google.com.hk/books?id=tJ8ZEAAAQBAJ&hl=&source=gbs_api
EBook
SAMPLE
註釋
We present evidence of a risk-taking channel of monetary policy for the U.S. banking system. We use confidential data on the internal ratings of U.S. banks on loans to businesses over the period 1997 to 2011 from the Federal Reserve’s survey of terms of business lending. We find that ex-ante risk taking by banks (as measured by the risk rating of the bank’s loan portfolio) is negatively associated with increases in short-term policy interest rates. This relationship is less pronounced for banks with relatively low capital or during periods when banks’ capital erodes, such as episodes of financial and economic distress. These results contribute to the ongoing debate on the role of monetary policy in financial stability and suggest that monetary policy has a bearing on the riskiness of banks and financial stability more generally.