This paper studies the transmission of bank capital shocks to loan supply in Indonesia. Using bank data for the period 2001:Q1 to 2018:Q4, we estimate dynamic panel data models of bank lending. We find nonlinear effects of capital on loan growth. Specifically, the response of weakly capitalized banks to changes in their capital positions is larger than that of strongly capitalized banks. This non-linearity implies that not only the level of capital but also its distribution across banks in the system affects the transmission of shocks to aggregate lending. Likewise, the effects of bank recapitalization on loan growth depend on banks’ starting capital positions and the size and distribution of capital injections.

本文研究了印度尼西亚的银行资本冲击对贷款供应的传导。使用2001：Q1到2018：Q4期间的银行数据，我们估算了银行贷款的动态面板数据模型。我们发现资本对贷款增长的非线性影响。具体来说，弱资本银行对资本状况变化的反应要大于强资本银行。这种非线性意味着，不仅资本水平，而且资本在系统中各银行之间的分布都影响冲击总贷款的传导。同样，银行注资对贷款增长的影响取决于银行的初始资本头寸以及注资的规模和分布。