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Welfare effects of limiting bank loans

机译：限制银行贷款的福利效应

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Purpose - This paper examines the effects of limiting the number of loans a bank can issue, reflecting a policy recently implemented by the US Federal Reserve.Design/methodology/approach - This paper does so in a streamlined model of the banking sector.Findings - This paper finds that a binding limit on loans can enhance welfare by motivating the bank to reduce the number of socially unproductive loans it makes. However, the limit can sometimes reduce welfare by inducing a reduction in the number of socially productive loans the bank issues, the quality of the bank's loan portfolio, and/or the accuracy with which the bank screens loan opportunities.Practical implications - The research demonstrates that limits on the loans a bank issues can have subtle and unintended consequences. Consequently, careful thought is warranted before such limits are imposed.Originality/value - To our knowledge, the existing literature does not provide guidance on the merits of such loan restrictions.
机译：目的 - 本文研究了限制银行可以发布的贷款人数的影响，反映了美国联邦储备最近实施的政策.Design/methodology/Approach - 本文在银行业的简化模型中进行了影响 - 本文认为，贷款的约束力可以通过激励银行减少它所做的社会不良贷款的数量来增强福利。 然而，限制有时会通过诱导社会生产贷款人数的减少，银行贷款组合的质量和/或银行屏幕贷款机会的准确性来减少福利.Practical意义 - 该研究表明 银行问题的贷款限制可能会产生微妙和意外的后果。 因此，在施加此类限制之前认定仔细思考。对于我们的知识，本现有文献不提供关于此类贷款限制的优点的指导。

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