A capital structure channel of monetary policy

Grosse-Rueschkamp Benjamin; Steffen Sascha; Streitz Daniel

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A capital structure channel of monetary policy

机译：货币政策的资本结构渠道

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We study the transmission channels from central banks' quantitative easing programs via the banking sector when central banks start purchasing corporate bonds. We find evidence consistent with a "capital structure channel" of monetary policy. The announcement of central bank purchases reduces the bond yields of firms whose bonds are eligible for central bank purchases. These firms substitute bank term loans with bond debt, thereby relaxing banks' lending constraints: banks with low tier-1 ratios and high nonperforming loans increase lending to private (and profitable) firms, which experience a growth in investment. The credit reallocation increases banks' risk-taking in corporate credit. (C) 2019 Elsevier B.V. All rights reserved.

机译：当中央银行开始购买公司债券时，我们通过银行业研究中央银行的定量宽松节目的传输渠道。我们发现证据与货币政策的“资本结构渠道”一致。央行购置的宣布减少了债券符合中央银行购物资格的公司的债券收益率。这些公司通过债券债务替代银行贷款，从而放松了银行的贷款限制：具有低级比率和高度无关贷款的银行，增加了私人（和有利可图）的公司的贷款，这些公司经历了投资增长。信用重新分配增加了银行在企业信贷中的风险。（c）2019 Elsevier B.v.保留所有权利。

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来源
《Journal of financial economics》 |2019年第2期|357-378|共22页
作者
Grosse-Rueschkamp Benjamin; Steffen Sascha; Streitz Daniel;
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作者单位

ESMT Schlosspl 1 D-10178 Berlin Germany;

Frankfurt Sch Finance & Management Adickesallee 32-34 D-60322 Frankfurt Germany;

Copenhagen Business Sch Dept Finance Solbjerg Plads 3 DK-2000 Frederiksberg Denmark|Danish Finance Inst DK-2000 Frederiksberg Denmark;

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正文语种 eng
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关键词
Debt capital structure; Bond debt; Unconventional monetary policy; Quantitative easing; Real effects;

机译：债务资本结构;债券债务;无常规货币政策;量化宽松;实际效果;

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1. A capital structure channel of monetary policy [J] . Grosse-Rueschkamp Benjamin, Steffen Sascha, Streitz Daniel Journal of financial economics . 2019,第2期

机译：货币政策的资本结构渠道
2. Banking Sector and Monetary Policy Transmission: Bank Capital, Credit and Risk-Taking Channels [J] . Philippe Gilles, Marie-Sophie Gauvin, Nicolas Huchet Modern Economy . 2013,第1期

机译：银行业与货币政策传导：银行资本，信贷和冒险渠道
3. Effects of banking sector and capital market development on the bank lending channel of monetary policy: An ASEAN country case study [J] . Attasuda Lerskullawat Kasetsart Journal of Social Sciences . 2017,第1期

机译：银行业和资本市场发展对货币政策银行借贷渠道的影响：东盟国家案例研究
4. The research on the impact of capital requirements on credit channel of monetary policy [C] . Yan Liang, Lin Liu, Yangyang Wang 2011 2nd International Conference on Artificial Intelligence, Management Science and Electronic Commerce . 2011

机译：资本需求对货币政策信贷渠道的影响研究
5. MONETARY AND FISCAL POLICY IN A GROWING ECONOMY: AN ANALYSIS OF OPTIMAL MONETARY AND FISCAL POLICY, MONETARY AND FISCAL NEUTRALITY, AND CAPITAL INTENSIVENESS. [D] . NEZU, EIJI. 1973

机译：增长中的经济中的货币和财政政策：最优货币和财政政策，货币和财政中性以及资本密集度分析。
6. Planning nature in urbanized countries. An analysis of monetary and non-monetary impacts of conservation policy scenarios in the Netherlands [O] . Frans J. Sijtsma, Willem G.M. van der Bilt, Arjen van Hinsberg, 2017

机译：城市化国家的规划性质。荷兰保护政策情景的货币和非货币影响分析
7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

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。

A capital structure channel of monetary policy

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