Matches in SemOpenAlex for { <https://semopenalex.org/work/W3121175809> ?p ?o ?g. }
- W3121175809 abstract "Monetary policy transmission may be impaired if banks rebalance their portfolios towards securities to e.g. risk-shift or hoard liquidity. We identify the bank lending and risk-taking channels by exploiting â?? Italian's unique â?? credit and security registers. In crisis times, with higher ECB liquidity, less capitalized banks react by increasing securities over credit supply, inducing worse firm-level real effects. However, they buy securities with lower yields and haircuts, thus reaching-for-safety and liquidity. Differently, in pre-crisis time, securities do not crowd-out credit supply. The substitution from lending to securities in crisis times helps less capitalized banks to repair their balance-sheets and then restart credit supply with a one year-lag." @default.
- W3121175809 created "2021-02-01" @default.
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- W3121175809 date "2017-01-01" @default.
- W3121175809 modified "2023-10-01" @default.
- W3121175809 title "Monetary Policy at Work: Security and Credit Application Registers Evidence" @default.
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- W3121175809 doi "https://doi.org/10.2139/ssrn.2958917" @default.
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