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The transmission of unconventional monetary policy to bank credit supply: Evidence from the TLTRO
The Manchester School ( IF 0.7 ) Pub Date : 2020-08-17 , DOI: 10.1111/manc.12335
António Afonso 1 , Joana Sousa‐Leite 1, 2
Affiliation  

We assess the transmission of the Targeted Longer‐Term Refinancing Operations (TLTRO) to the bank credit supply for the Euro area (2014–2017) and for Portugal (2011:02–2018:01), using a panel data setup. In order to estimate a causal effect, we construct an instrumental variable (IV) using the maximum borrowing allowance in the TLTRO. For the Euro area, we find a positive impact of the TLTRO on the amount of credit granted to the real economy, in particular in the less vulnerable countries. For Portugal, using a difference‐in‐differences model, we find that bidding banks set lower interest rates in relation to non‐bidding banks and the difference seems to be larger in 2016 and 2017.

中文翻译:

非常规货币政策向银行信贷供给的传导:TLTRO的证据

我们使用面板数据设置评估了针对性的长期再融资业务(TLTRO)向欧元区(2014–2017)和葡萄牙(2011:02–2018:01)的银行信贷供应的传导。为了估计因果关系,我们使用TLTRO中的最大借贷限额构造工具变量(IV)。对于欧元区,我们发现TLTRO对授予实体经济的信贷量具有积极影响,特别是在脆弱程度较低的国家。对于葡萄牙,使用差异模型,我们发现竞标银行相对于非竞标银行设定了更低的利率,并且2016年和2017年的差异似乎更大。
更新日期:2020-08-17
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