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Creditor Rights and the Bank Lending Channel of Monetary Policy

In: Corporate Governance in Banking and Investor Protection

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Listed:
  • Begoña Torre Olmo

    (University of Cantabria)

  • Sergio Sanfilippo Azofra

    (University of Cantabria)

  • María Cantero Sáiz

    (University of Cantabria)

Abstract

This article analyzes how creditor rights influence the loan supply reaction of banks to monetary policy through the bank lending channel. Additionally, we test whether the influence of creditor rights on lending is different before and after the crisis. Using a sample of 1096 listed banks from 36 countries between 2003 and 2015, we find that creditor rights do not directly influence loan supply, neither before nor after the crisis, but they play an important role during monetary shocks. In this regard, the bank lending channel of monetary policy is less effective in countries with stronger creditor rights.

Suggested Citation

  • Begoña Torre Olmo & Sergio Sanfilippo Azofra & María Cantero Sáiz, 2018. "Creditor Rights and the Bank Lending Channel of Monetary Policy," CSR, Sustainability, Ethics & Governance, in: Belén Díaz Díaz & Samuel O. Idowu & Philip Molyneux (ed.), Corporate Governance in Banking and Investor Protection, chapter 0, pages 107-122, Springer.
    • Handle: RePEc:spr:csrchp:978-3-319-70007-6_6
    DOI: 10.1007/978-3-319-70007-6_6
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    Cited by:

    1. Begoña Torre Olmo & María Cantero Saiz & Sergio Sanfilippo Azofra, 2021. "Sustainable Banking, Market Power, and Efficiency: Effects on Banks’ Profitability and Risk," Sustainability, MDPI, vol. 13(3), pages 1-24, January.
    2. Rashid, Abdul & Hassan, M. Kabir & Shah, Muhammad Abdul Rehman, 2020. "On the role of Islamic and conventional banks in the monetary policy transmission in Malaysia: Do size and liquidity matter?," Research in International Business and Finance, Elsevier, vol. 52(C).

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