What are the real effects of financial market liquidity? Evidence on bank lending from the euro area

被引：5
|
作者：
Dombret, Andreas R. [1 ]
Foos, Daniel [1 ]
Pliszka, Kamil [1 ]
Schulz, Alexander [1 ]
机构：
[1] Deutsch Bundesbank, Wilhelm Epstein Str 14, D-60431 Frankfurt, Germany
来源：
JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY | 2019年 / 62卷
关键词：
Financial markets; Bank lending; Liquidity risk; SHOCKS EVIDENCE; INTERNATIONAL TRANSMISSION; MONETARY-POLICY; CREDIT; COMMONALITY; CHANNEL; RISK; DETERMINANTS; SELECTION;
D O I：
10.1016/j.intfin.2019.07.002
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We analyze the impact of market liquidity on bank lending in the euro area over the period 2003-16 and find that market liquidity is positively related to aggregate loan volumes and negatively related to average credit spreads. This relation is stronger during crisis times and asymmetric so as the impact of a reduction in liquidity is more significant. Results are confirmed on the individual bank level and strongest for non-listed and less profitable banks. This implies that properly functioning and sufficiently liquid financial markets are necessary to avoid negative consequences of restrictions in bank lending for the real economy. (C) 2019 Elsevier B.V. All rights reserved.
引用
收藏
页码：152 / 183
页数：32
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