IDEAS home Printed from https://ideas.repec.org/p/osf/socarx/vgk25_v1.html
   My bibliography  Save this paper

Unconventional Monetary Policy Transmission and Bank Lending Relationships

Author

Listed:
  • Cahn, Christophe
  • Duquerroy, Anne
  • Mullins, William

    (UC San Diego)

Abstract

Firms with only one bank relationship make up the majority of firms in many economies. This paper explores whether policy-driven lending is differentially transmitted to single-bank firms in comparison to the multi-bank firms that are the focus of the literature. Using unique variation in the ECB's Very Long-Term Refinancing Operations (VLTROs), which affected lending to firms discontinuously across credit ratings but within banks, we find selective transmission of VLTRO liquidity to single-bank firms. Banks apply higher lending standards to single-bank firms, with banking relationships determining both new lending and lending maturity. By contrast, banks appear to transmit policy lending near-uniformly across multi-bank firms.

Suggested Citation

  • Cahn, Christophe & Duquerroy, Anne & Mullins, William, 2017. "Unconventional Monetary Policy Transmission and Bank Lending Relationships," SocArXiv vgk25_v1, Center for Open Science.
    • Handle: RePEc:osf:socarx:vgk25_v1
    DOI: 10.31219/osf.io/vgk25_v1
    as

    Download full text from publisher

    File URL: https://osf.io/download/5ede848dc67d3001391f5aee/
    Download Restriction: no
    File URL: https://libkey.io/10.31219/osf.io/vgk25_v1?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:osf:socarx:vgk25_v1. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: OSF (email available below). General contact details of provider: https://arabixiv.org .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.