Risk-taking and bank competition under a low interest rate environment: Evidence from loan-level data
Risk-taking and bank competition under a low interest rate environment: Evidence from loan-level data
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低利率环境下的风险承担与银行竞争：来自贷款层面数据的证据
DOI：
10.1016/j.pacfin.2023.101945
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发表时间：
2023
影响因子：
4.6
通讯作者：
Masayo
中科院分区：
文献类型：
--
作者：
Shikimi;Masayo
文献表明，宽松的货币政策增加了风险贷款，但目前还不清楚其影响是否是基于银行竞争的程度不对称。在本研究中，我们试图通过调查银行竞争如何通过风险承担渠道影响货币政策的传导来填补这一研究空白。利用1999 ~ 2019年度的日本企业-银行贷款数据，我们发现市场力量弱的银行在低利率环境下从事风险贷款。银行竞争的影响是更强的贷款给较小的风险企业比大的。我们还发现，低资本的银行和高流动性的银行从事风险贷款后，负利率政策的推出，支持的观点，银行借给风险企业的流动性，以获得更好的收益，因为他们不能通过存款的负利率。通过几个鲁棒性检查验证，我们的研究结果表明，风险承担渠道的运作方式不同，这取决于银行的竞争和其他银行的特点。
The literature has shown that loose monetary policy increases risky lending; however, it is unclear whether its effects are asymmetric based on the degree of bank competition. In this study, we attempt to fill this research gap by investigating how bank competition affects the transmission of monetary policy through a risk-taking channel. Using Japanese matched firm–bank loan data from fiscal years 1999 to 2019, we find that banks with weak market power engage in risky lending in a low interest rate environment. The effect of bank competition is stronger for lending to smaller risky firms than larger ones. We also find that low-capitalized banks and banks with high liquidity engage in risky lending after the introduction of the negative interest rate policy, supporting the view that banks lend their liquidity to risky firms for better yields because they cannot pass the negative interest rate on deposits. Validated by several robustness checks, our results suggest that a risk-taking channel operates differently, depending on the bank competition and other bank characteristics.
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DOI：
10.2139/ssrn.3088165
发表时间：
2018
期刊：
Journal of Money, Credit and Banking
影响因子：
--
作者：
G. Hong;John Kandrac
通讯作者：
John Kandrac
识别货币传导的风险承担渠道及其与经济活动的联系
影响因子：
3.7
作者：
Nimrod Segev
通讯作者：
Nimrod Segev
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
发表时间：
2020
期刊：
影响因子：
--
作者：
Nimrod Segev;M. Schaffer
通讯作者：
M. Schaffer
银行竞争与货币政策
影响因子：
1.3
作者：
Hiroshi Gunji;Kazuki Miura;Yuan Yuan
通讯作者：
Yuan Yuan
银行竞争与欧洲央行的货币政策
影响因子：
3.7
作者：
F. Bagliano;A. Dalmazzo;G. Marini
通讯作者：
G. Marini