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Lenders’ asymmetric reaction to the ECB’s non-standard policies in the syndicated loan market

Author

Listed:
  • Aurore BURIETZ

    (IESEG School of Management & LEM-CNRS 9221)

  • Matthieu PICAULT

    (IESEG School of Management)

Abstract

We investigate the effectiveness of the bank lending channel, that is, whether, and if so how, the accommodative monetary policy of the European Central Bank (ECB) mitigated the disruption in syndicated bank lending between 2008 and 2014. We show that both standard and non-standard measures of the ECB’s accommodating monetary policy alleviated banks’ funding constraints, helping support their lending activities in the syndicated loan market. We highlight a crosssectional asymmetry in the banks’ responses to non-standard measures, with small or highly capitalised banks providing loans with higher amounts. In the European region, bank size appears to be the most discriminating factor when it comes to distinguishing between banks.

Suggested Citation

  • Aurore BURIETZ & Matthieu PICAULT, 2020. "Lenders’ asymmetric reaction to the ECB’s non-standard policies in the syndicated loan market," Working Papers 2020-ACF-03, IESEG School of Management.
    • Handle: RePEc:ies:wpaper:f202003
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    More about this item

    Keywords

    Syndicated loans; financial crisis; bank lending channel; European Central Bank; Nonstandard monetary policies;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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