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dc.contributor.authorCantero Saiz, María 
dc.contributor.authorSanfilippo Azofra, Sergio 
dc.contributor.authorTorre Olmo, María Begoña 
dc.contributor.authorLópez Gutiérrez, Carlos 
dc.contributor.otherUniversidad de Cantabriaes_ES
dc.date.accessioned2018-12-03T08:17:09Z
dc.date.available2019-08-08T02:45:11Z
dc.date.issued2018-03
dc.identifier.issn1544-6131
dc.identifier.issn1544-6123
dc.identifier.urihttp://hdl.handle.net/10902/15073
dc.description.abstractThe purpose of this article is to quantify how bank capital determines the effects of mone- tary policy on bank lending. Additionally, we test how these effects differ during monetary contractions and expansions. Using a sample of 3,028 European banks between 1999 and 2012, we find that the reduction in loans caused by monetary restrictions is similar across banks regardless of their capital. In addition, during monetary expansions, banks increase their loan supply more as they become better capitalized. Contrary to previous studies, there are differences in the monetary policy transmission through capital only during ex- pansionary monetary regimes. These results are relevant because previous studies have not measured how the marginal effect of monetary policy on the growth of loans varies with the value of capital. We contribute to the existing literature by using a new approach that quantifies this marginal effect, which considerably improves the interpretation of statisti- cal results from models that include continuous variable interactions and allows a better understanding of the role of bank capital in the transmission of monetary shocks.es_ES
dc.format.extent14 p.es_ES
dc.language.isoenges_ES
dc.publisherElsevieres_ES
dc.rightsAtribución-NoComercial-SinDerivadas 3.0 España © 2018 Elsevier. This manuscript version is made available under the CC-BY-NC-ND 4.0 licensees_ES
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/es/*
dc.sourceFinance Research Letters, Volume 24, March 2018, Pages 95-104es_ES
dc.subject.otherMonetary policyes_ES
dc.subject.otherBank capitales_ES
dc.subject.otherLoan supplyes_ES
dc.subject.otherMarginal effectes_ES
dc.subject.otherContinuous variable interactiones_ES
dc.titleA new approach to the analysis of monetary policy transmission through bank capital.es_ES
dc.typeinfo:eu-repo/semantics/articlees_ES
dc.relation.publisherVersionhttp://dx.doi.org/10.1016/j.frl.2017.07.021es_ES
dc.rights.accessRightsopenAccesses_ES
dc.identifier.DOI10.1016/j.frl.2017.07.021
dc.type.versionacceptedVersiones_ES


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Atribución-NoComercial-SinDerivadas 3.0 España © 2018 Elsevier.  This manuscript version is made available under the CC-BY-NC-ND 4.0 licenseExcept where otherwise noted, this item's license is described as Atribución-NoComercial-SinDerivadas 3.0 España © 2018 Elsevier. This manuscript version is made available under the CC-BY-NC-ND 4.0 license