Sehr geehrte Damen und Herren,
wir laden Sie herzlich zum VOSTA Freitagsseminar mit Frau Anne Duquerroy, Banque
de France, mit dem Titel "Unconventional
Monetary Policy and Bank Lending Relationships"
ein.
Termin:
Freitag, 30. November 2018 um 11.00 Uhr
Ort:
Oesterreichische Nationalbank
Veranstaltungssaal, Erdgeschoss
Otto-Wagner-Platz 3
1090 Wien
Abstract:
How to support private lending to firms in recessions is a major open question. This paper examines how banks adjust their firm lending portfolios in a downturn by exploiting an unexpected unconventional monetary policy that reduced the cost of funding bank
loans to a subset of firms in France in 2012. This cost reduction in the midst of a credit crunch raises eligible firms’ bank debt, and reduces both defaults on their suppliers and downgrades of their credit ratings, providing causal evidence that targeted
unconventional monetary policy can be an effective lever to increase private credit and reduce contagion of financial distress. The effect is almost entirely driven by firms with only a single-bank relationship - a
numerous and understudied group - and the positive loan supply shock we examine is transmitted to firms through banking relationships. We find that, for firms with strong hard information only, banking relationships support additional lending during a credit
crunch. We also provide suggestive evidence that single-bank firms were substantially more credit constrained than multi-bank firms.
Um Ihre verlässliche
An- bzw. Abmeldung ersuchen wir bis Dienstag,
27. November 2018, unter
event-management@oenb.at.
Mit freundlichen Grüßen
Event-Management
