Supervisory shocks to banks' credit standards and their macroeconomic impact

Lucidi FS, Semmler W (2022)
Journal of Financial Stability 58: 100966.

Zeitschriftenaufsatz | Veröffentlicht | Englisch
 
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Autor*in
Lucidi, Francesco Simone; Semmler, WilliUniBi
Abstract / Bemerkung
Credit standards reported in the Bank Lending Surveys (BLS) of the European Central Bank (ECB) summarize banks' sentiment about credit market tightness, and they strongly comove with credit growth. This paper in-troduces a new external instrument that captures an exogenous source of variation in credit standards, allowing us to identify a structural shock that negatively affects the credit supply. The instrument accounts for mandatory rotations of external auditors within credit institutions of nine euro-area countries. By estimating local pro-jections, this paper finds that an unexpected supervisory measure at the banking-system level features significant dynamic causal effects at the macroeconomic level, which are also state-dependent.
Stichworte
Credit supply; Banking supervision; Instrumental variables; Local; projections
Erscheinungsjahr
2022
Zeitschriftentitel
Journal of Financial Stability
Band
58
Art.-Nr.
100966
ISSN
1572-3089
eISSN
1878-0962
Page URI
https://pub.uni-bielefeld.de/record/2963028

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Lucidi FS, Semmler W. Supervisory shocks to banks' credit standards and their macroeconomic impact. Journal of Financial Stability . 2022;58: 100966.
Lucidi, F. S., & Semmler, W. (2022). Supervisory shocks to banks' credit standards and their macroeconomic impact. Journal of Financial Stability , 58, 100966. https://doi.org/10.1016/j.jfs.2021.100966
Lucidi, F. S., and Semmler, W. (2022). Supervisory shocks to banks' credit standards and their macroeconomic impact. Journal of Financial Stability 58:100966.
Lucidi, F.S., & Semmler, W., 2022. Supervisory shocks to banks' credit standards and their macroeconomic impact. Journal of Financial Stability , 58: 100966.
F.S. Lucidi and W. Semmler, “Supervisory shocks to banks' credit standards and their macroeconomic impact”, Journal of Financial Stability , vol. 58, 2022, : 100966.
Lucidi, F.S., Semmler, W.: Supervisory shocks to banks' credit standards and their macroeconomic impact. Journal of Financial Stability . 58, : 100966 (2022).
Lucidi, Francesco Simone, and Semmler, Willi. “Supervisory shocks to banks' credit standards and their macroeconomic impact”. Journal of Financial Stability 58 (2022): 100966.

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