We examine how changes in capital requirements and monetary policy shocks affect corporate investment during a credit boom. Our empirical analysis uses data on SMEs in the UK between 1998 and 2006, a period when monetary policy and microprudential regulation were set by independent institutions. We find that an increase in bank-specific capital requirements led to a contraction in corporate debt and investment, but only for firms with short bank relationships. This suggests that relationships between firms and banks are crucial for the transmission of regulatory shocks. Long relationships also attenuate the impact of monetary policy shocks, but to a smaller degree than for capital requirement changes. We also find that the two policies do not dampen or amplify the effect of each other, but their effects vary with the size of banks’ capital buffers and the creditworthiness of firms.

我们研究了在信贷繁荣期间资本要求和货币政策冲击的变化如何影响企业投资。我们的实证分析使用了 1998 年至 2006 年英国中小企业的数据，这一时期货币政策和微观审慎监管由独立机构制定。我们发现银行特定资本要求的增加导致公司债务和投资收缩，但仅适用于与银行关系较短的公司。这表明企业和银行之间的关系对于监管冲击的传递至关重要。长期关系也会减弱货币政策冲击的影响，但程度低于资本要求变化。我们还发现这两种政策不会抑制或放大彼此的影响，