Does macroprudential policy leak? Evidence from shadow bank lending in EU countries
Identifikátory výsledku
Kód výsledku v IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F24%3A10255647" target="_blank" >RIV/61989100:27510/24:10255647 - isvavai.cz</a>
Výsledek na webu
<a href="https://www.sciencedirect.com/science/article/pii/S0264999324000130#aep-article-footnote-id6" target="_blank" >https://www.sciencedirect.com/science/article/pii/S0264999324000130#aep-article-footnote-id6</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1016/j.econmod.2024.106657" target="_blank" >10.1016/j.econmod.2024.106657</a>
Alternativní jazyky
Jazyk výsledku
angličtina
Název v původním jazyce
Does macroprudential policy leak? Evidence from shadow bank lending in EU countries
Popis výsledku v původním jazyce
Post the Global Financial Crisis, there has been a surge in the global use of macroprudential policy tools. Concerns have arisen due to the predominant targeting of traditional banks, potentially prompting activity reallocation towards shadow banking. This study scrutinizes the impact of macroprudential policy on shadow bank lending, using quarterly data from 23 European Union countries spanning 1999-2019. Employing a precise measure of non-bank financial intermediation, we find that macroprudential tightening consistently drives increased shadow bank lending. Particularly evident in low-capitalized banking sectors, this implies a strategic credit shift from banks to non-banks. Our results emphasize the need for a balanced regulatory framework for both institutions, illuminating the intricate relationship between macroprudential policies, capitalization levels, and credit dynamics. This insight informs the development of effective regulatory frameworks in the post-crisis financial sector. (C) 2024 Elsevier B.V.
Název v anglickém jazyce
Does macroprudential policy leak? Evidence from shadow bank lending in EU countries
Popis výsledku anglicky
Post the Global Financial Crisis, there has been a surge in the global use of macroprudential policy tools. Concerns have arisen due to the predominant targeting of traditional banks, potentially prompting activity reallocation towards shadow banking. This study scrutinizes the impact of macroprudential policy on shadow bank lending, using quarterly data from 23 European Union countries spanning 1999-2019. Employing a precise measure of non-bank financial intermediation, we find that macroprudential tightening consistently drives increased shadow bank lending. Particularly evident in low-capitalized banking sectors, this implies a strategic credit shift from banks to non-banks. Our results emphasize the need for a balanced regulatory framework for both institutions, illuminating the intricate relationship between macroprudential policies, capitalization levels, and credit dynamics. This insight informs the development of effective regulatory frameworks in the post-crisis financial sector. (C) 2024 Elsevier B.V.
Klasifikace
Druh
J<sub>imp</sub> - Článek v periodiku v databázi Web of Science
CEP obor
—
OECD FORD obor
50202 - Applied Economics, Econometrics
Návaznosti výsledku
Projekt
—
Návaznosti
S - Specificky vyzkum na vysokych skolach
Ostatní
Rok uplatnění
2024
Kód důvěrnosti údajů
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Údaje specifické pro druh výsledku
Název periodika
Economic Modelling
ISSN
0264-9993
e-ISSN
1873-6122
Svazek periodika
132
Číslo periodika v rámci svazku
March
Stát vydavatele periodika
NL - Nizozemsko
Počet stran výsledku
13
Strana od-do
106657
Kód UT WoS článku
001178968200001
EID výsledku v databázi Scopus
2-s2.0-85184007508