Monetary policy, bank competition and regional credit cycles: Evidence from a quasi-natural experiment
Monetary policy, bank competition and regional credit cycles: Evidence from a quasi-natural experiment
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货币政策、银行竞争和区域信贷周期：来自准自然实验的证据
DOI：
10.1016/j.jcorpfin.2019.101494
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发表时间：
2020
期刊：
影响因子：
--
通讯作者：
M. Schaffer
中科院分区：
文献类型：
--
作者：
Nimrod Segev;M. Schaffer
本文考察了银行业竞争如何影响货币政策的传导以及美国各地区信贷扩张的差异。本文以1994 - 2008年美国分行放松管制作为银行竞争的外生变化，分析了银行竞争如何通过银行贷款渠道影响货币政策传导。结果表明，竞争强化了货币政策对银行贷款供给的影响。然后，我们表明，在大衰退之前的几年里，银行业监管更加放松的州受到货币条件的影响更大。具体而言，宽松的货币条件对家庭债务扩张的影响在银行分支限制较少的州更强。结果表明，银行竞争水平的变化可能在大衰退之前的几年中放大了区域不对称性。
This paper examines how competition in the banking sector affects the transmission of monetary policy and the variation of credit expansion across regions in the United States. Using the U.S. branching deregulation between 1994 to 2008 as an exogenous change in banks’ competition, we analyze how bank competition affects monetary policy transmission through the bank lending channel. The results show that competition strengthens the impact of monetary policy on bank loan supply. We then show that states with a more deregulated banking sector were more affected by monetary conditions in the years leading to the Great Recession. Specifically, the effect of loose monetary conditions on the expansion of households’ debt was stronger in states that had fewer bank branching restrictions. The results suggest that variations in the level of bank competition may have amplified regional asymmetries in the years leading to the Great Recession.