The Effects of Bank Capital on Lending: What Do We Know, and What Does It Mean?
The Effects of Bank Capital on Lending: What Do We Know, and What Does It Mean?
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银行资本对贷款的影响：我们知道什么，这意味着什么？
DOI：
10.2139/ssrn.1670506
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发表时间：
2010
期刊：
影响因子：
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通讯作者：
Rochelle M. Edge
中科院分区：
文献类型：
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作者：
J. Berrospide;Rochelle M. Edge
银行资本对贷款的影响是金融状况与实际活动之间联系的关键决定因素，在最近的金融危机中受到特别关注。我们使用面板回归技术——遵循Bernanke和Lown（1991）以及Hancock和Wilcox（1993,1994）——来研究大型银行控股公司（BHCs）的贷款，并发现资本对贷款的影响很小。然后，我们使用low和Morgan (2006) VAR模型的变体来考虑资本比率对贷款的影响，并再次发现银行资本比率变化对贷款的影响不大。这些结果与利用商业银行总资产和杠杆增长之间的简单经验关系获得的估计形成鲜明对比，后者最近在塑造预测者和决策者关于银行资本对贷款增长影响的观点方面非常有影响力。然后，我们的估计模型被用来理解银行贷款的最新发展，特别是考虑与tarp相关的资本注入在影响这些发展方面的作用。
The effect of bank capital on lending is a critical determinant of the linkage between financial conditions and real activity, and has received especial attention in the recent financial crisis. We use panel-regression techniques—following Bernanke and Lown (1991) and Hancock and Wilcox (1993, 1994)—to study the lending of large bank holding companies (BHCs) and find small effects of capital on lending. We then consider the effect of capital ratios on lending using a variant of Lown and Morgan’s (2006) VAR model, and again find modest effects of bank capital ratio changes on lending. These results are in marked contrast to estimates obtained using simple empirical relations between aggregate commercial-bank assets and leverage growth, which have recently been very influential in shaping forecasters’ and policymakers’ views regarding the effects of bank capital on loan growth. Our estimated models are then used to understand recent developments in bank lending and, in particular, to consider the role of TARP-related capital injections in affecting these developments.