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Financial performance of banks and their lending responses to monetary policy changes: Evidence from individual bank data.

机译：银行的财务绩效及其对货币政策变化的贷款响应：来自单个银行数据的证据。

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Information asymmetries that arise between borrowers and lenders in the market for intermediated credit make borrowing harder for firms with high information costs. Similar information problems are believed to exist between banks and their depositors, and this, due to funding problems, makes the loans of high information-cost banks more sensitive to monetary policy changes. In this work it is suggested that a bank's financial strength signals to its investors how risky the uninsured liabilities of this bank are, making the supply of its loans more vulnerable to monetary policy changes. Examination of cross-sectional differences in bank lending responses is important since the presence of such differences would imply that monetary policy changes primarily affect the supply of bank credit, which is the essence of the “credit” channel. Another issue examined in this work is how monetary policy transmission has changed over time because of innovations in the banking sector. The study employs quarterly data on individual commercial banks over the period of 1987Q4–2002Q1. As expected, loans issued by financially weak banks are found to respond more to monetary policy actions, and the observed pattern is primarily driven by the behavior of real estate loans. Regarding intertemporal changes in monetary policy transmission, the study's results indicate that the impact of monetary policy on bank lending has increased over time. This improvement is believed to be a result of better expectations of the Federal Reserve's policy since 1994, a fact documented by other researchers.

机译：中间信贷市场中，借方和贷方之间出现的信息不对称使得信息成本较高的公司更难以借贷。人们认为，在银行与其存款人之间也存在类似的信息问题，由于资金问题，这使得信息成本高的银行的贷款对货币政策的变化更加敏感。在这项工作中，建议银行的财务实力向其投资者发出信号，说明该银行的无保险负债有多高风险，从而使其贷款供应更容易受到货币政策变化的影响。检验银行贷款反应的横截面差异很重要，因为这种差异的存在将暗示货币政策的变化主要影响银行信贷的供应，这是“信贷”渠道的本质。这项工作中研究的另一个问题是，由于银行业的创新，货币政策的传递如何随着时间而改变。该研究使用了1987年4季度至2002年1季度期间各个商业银行的季度数据。正如预期的那样，发现财务状况欠佳的银行发行的贷款对货币政策行动的反应更大，观察到的模式主要是由房地产贷款行为驱动的。关于货币政策传导的跨期变化，研究结果表明，货币政策对银行贷款的影响随着时间的推移而增加。人们认为，这种改善是由于自1994年以来人们对美联储政策的期望更高，其他研究人员证明了这一事实。

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作者
Bakimov, Rustam.;
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作者单位

University of Delaware.;

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授予单位 University of Delaware.;
学科 Economics General.
学位 Ph.D.
年度 2004
页码 97 p.
总页数 97
原文格式 PDF
正文语种 eng
中图分类经济学;
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机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Financial performance of banks and their lending responses to monetary policy changes: Evidence from individual bank data.

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