دانلود مقاله ISI انگلیسی شماره 112168
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
112168 2018 16 صفحه PDF سفارش دهید 6882 کلمه
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
A new approach to the analysis of monetary policy transmission through bank capital
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Finance Research Letters, Volume 24, March 2018, Pages 95-104

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چکیده انگلیسی

The purpose of this article is to quantify how bank capital determines the effects of monetary policy on bank lending. Additionally, we test how these effects differ during monetary contractions and expansions. Using a sample of 3,028 European banks between 1999 and 2012, we find that the reduction in loans caused by monetary restrictions is similar across banks regardless of their capital. In addition, during monetary expansions, banks increase their loan supply more as they become better capitalized. Contrary to previous studies, there are differences in the monetary policy transmission through capital only during expansionary monetary regimes. These results are relevant because previous studies have not measured how the marginal effect of monetary policy on the growth of loans varies with the value of capital. We contribute to the existing literature by using a new approach that quantifies this marginal effect, which considerably improves the interpretation of statistical results from models that include continuous variable interactions and allows a better understanding of the role of bank capital in the transmission of monetary shocks.

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پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.