The DOI matches its Crossref record; 9 of the 9 references it cites were found in a registry or an index.
Hazardous Times for Monetary Policy: What Do Twenty-Three Million Bank Loans Say About the Effects of Monetary Policy on Credit Risk-Taking?
Open accessAbstract
We identify the effects of monetary policy on credit risk-taking with an exhaustive credit register of loan applications and contracts. We separate the changes in the composition of the supply of credit from the concurrent changes in the volume of supply and quality, and the volume of demand. We employ a two-stage model that analyzes the granting of loan applications in the first stage and loan outcomes for the applications granted in the second stage, and that controls for both observed and unobserved, time-varying, firm and bank heterogeneity through time*firm and time*bank fixed effects. We find that a lower overnight interest rate induces lowly capitalized banks to grant more loan applications to ex ante risky firms and to commit larger loan volumes with fewer collateral requirements to these firms, yet with a higher ex post likelihood of default. A lower long-term interest rate and other relevant macroeconomic variables have no such effects.
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Cites
Credit Rationing in Markets with Imperfect Information
Stiglitz, J. E., & Weiss, A. (1981) · Columbia University · doi:10.7916/d8v12ft1 · Cited by 12,769
Financial intermediation and delegated monitoring
Diamond, D. W. (1984) · The Review of Economic Studies · doi:10.2307/2297430 · Cited by 8,476
Microeconometrics: Methods and Applications
Cameron, A. C., & Trivedi, P. K. (2005) · doi:10.1017/cbo9780511811241 · Cited by 8,092
Instrumental Variables Regression with Weak Instruments
Staiger, D., & Stock, J. (1994) · doi:10.3386/t0151 · Cited by 5,302
Agency Costs, Net Worth, And Business Fluctuations
Bernanke, B., Gertler, M., Bernanke, B., & Gertler, M. (1988) · Unknown · doi:10.22004/ag.econ.292693 · Cited by 4,386
Inside the black box: the credit channel of monetary policy transmission
Bernanke, B. S., & Gertler, M. (1995) · Journal of Economic Perspectives · doi:10.1257/jep.9.4.27 · Cited by 4,211
Monetary policy, business cycles, and the behavior of small manufacturing firms
Gertler, M., & Gilchrist, S. (1994) · The Quarterly Journal of Economics · doi:10.2307/2118465 · Cited by 2,547
The financial accelerator, and the flight to quality
Bernanke, B., Gertler, M., & Gilchrist, S. (1996) · The Review of Economics and Statistics · doi:10.2307/2109844 · Cited by 2,351
Pace, N. R. (2006) · Nature · doi:10.1038/441289a · Cited by 276
Cited by
Monetary stimulus and bank lending
Chakraborty, I., Goldstein, I., & MacKinlay, A. (2020) · Journal of Financial Economics · doi:10.1016/j.jfineco.2019.09.007 · Cited by 259
SME credit constraints in Asia’s rising economic star: fresh empirical evidence from Vietnam
Nguyen, L. T., Su, J.-J., & Sharma, P. (2019) · Applied Economics · doi:10.1080/00036846.2019.1569196 · Cited by 27
Metadata
- Venue
- Econometrica
- Publisher
- The Econometric Society
- Published
- 2014
- Volume
- 82
- Issue
- 2
- Pages
- 463-505
- ISSN
- 0012-9682 (ISSN-L)
- OpenAlex
- W3049243281
- Cited by
- 1,325
- References
- 9
- FWCI
- 180.84
- Type
- journal article
- Language
- en
- Open access
- bronze
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