The effect of TLTRO-II on bank lending

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dc.contributor Bank of Finland Laine, Olli-Matti 2019-04-08T12:39:29Z 2019-04-08T12:39:29Z 2019
dc.identifier.isbn 978-952-323-269-3
dc.identifier.issn 1456-6184
dc.description.abstract This study applies a difference-in-differences approach to estimate the effect of the European Central Bank’s second series of targeted longer-term refinancing operations (TLTRO-II) on bank lending. Effects on corporate loans, loans for house purchase and loans for consumption are analysed separately. The results indicate that TLTRO-II increased lending to non-financial corporations. The cumulative effect of TLTRO-II on participating banks’ corporate lending is estimated to be about 30 per cent. The estimated effects for house purchase and consumption loans are positive, but statistically insignificant.
dc.format.extent 32
dc.language.iso ENG
dc.subject TLTRO-II
dc.subject.other TLTRO
dc.subject.other unconventional monetary policy
dc.subject.other credit supply
dc.subject.other euro area
dc.title The effect of TLTRO-II on bank lending
dc.type Paper
dc.identifier.urn URN:NBN:fi:bof-201904081141
dc.subject.jel E44
dc.subject.jel E51
dc.subject.jel E52
dc.subject.jel G21 Bank of Finland Research Discussion Papers
dc.series.year 2019
dc.series.number 7/2019
dc.series.sortingnumber 0007 8.4.2019
dc.subject.yso rahapolitiikka
dc.subject.yso euroalue
dc.subject.yso rahoitus
dc.subject.yso pankit
dc.subject.yso luotonanto
dc.subject.yso luotot
dc.subject.yso vaikutukset
bof-internal.includedInCRIS 1
dc.type.okm D4

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