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The transmission of unconventional monetary policy to bank credit supply: Evidence from the TLTRO

Bibliographic Details
Main Author: Afonso, António
Publication Date: 2020
Other Authors: Sousa-Leite, Joana
Format: Article
Language: eng
Source: Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
Download full: http://hdl.handle.net/10400.5/25501
Summary: We assess the transmission of the Targeted Longer-Term Refinancing Operations (TLTRO) to the bank credit supply for the Euro area (2014–2017) and for Portugal (2011:02– 2018:01), using a panel data setup. In order to estimate a causal effect, we construct an instrumental variable (IV) using the maximum borrowing allowance in the TLTRO. For the Euro area, we find a positive impact of the TLTRO on the amount of credit granted to the real economy, in particular in the less vulnerable countries. For Portugal, using a difference-in-differences model, we find that bidding banks set lower interest rates in relation to non-bidding banks and the difference seems to be larger in 2016 and 2017.
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spelling The transmission of unconventional monetary policy to bank credit supply: Evidence from the TLTROBank-Lending ChannelCredit SupplyEuro AreaLending Interest RatesPortugalTLTROUnconventional Monetary PolicyWe assess the transmission of the Targeted Longer-Term Refinancing Operations (TLTRO) to the bank credit supply for the Euro area (2014–2017) and for Portugal (2011:02– 2018:01), using a panel data setup. In order to estimate a causal effect, we construct an instrumental variable (IV) using the maximum borrowing allowance in the TLTRO. For the Euro area, we find a positive impact of the TLTRO on the amount of credit granted to the real economy, in particular in the less vulnerable countries. For Portugal, using a difference-in-differences model, we find that bidding banks set lower interest rates in relation to non-bidding banks and the difference seems to be larger in 2016 and 2017.The University of Manchester and John Wiley & Sons Ltd.Repositório da Universidade de LisboaAfonso, AntónioSousa-Leite, Joana2022-09-14T15:12:42Z20202020-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/25501engAfonso, António and Joana Sousa‐Leite. (2020). "The transmission of unconventional monetary policy to bank credit supply: evidence from the TLTRO." The Manchester School Vol. 88: pp. 151-171.info:eu-repo/semantics/openAccessreponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiainstacron:RCAAP2025-03-17T16:27:04Zoai:repositorio.ulisboa.pt:10400.5/25501Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireinfo@rcaap.ptopendoar:https://opendoar.ac.uk/repository/71602025-05-29T04:15:16.017210Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiafalse
dc.title.none.fl_str_mv The transmission of unconventional monetary policy to bank credit supply: Evidence from the TLTRO
title The transmission of unconventional monetary policy to bank credit supply: Evidence from the TLTRO
spellingShingle The transmission of unconventional monetary policy to bank credit supply: Evidence from the TLTRO
Afonso, António
Bank-Lending Channel
Credit Supply
Euro Area
Lending Interest Rates
Portugal
TLTRO
Unconventional Monetary Policy
title_short The transmission of unconventional monetary policy to bank credit supply: Evidence from the TLTRO
title_full The transmission of unconventional monetary policy to bank credit supply: Evidence from the TLTRO
title_fullStr The transmission of unconventional monetary policy to bank credit supply: Evidence from the TLTRO
title_full_unstemmed The transmission of unconventional monetary policy to bank credit supply: Evidence from the TLTRO
title_sort The transmission of unconventional monetary policy to bank credit supply: Evidence from the TLTRO
author Afonso, António
author_facet Afonso, António
Sousa-Leite, Joana
author_role author
author2 Sousa-Leite, Joana
author2_role author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Afonso, António
Sousa-Leite, Joana
dc.subject.por.fl_str_mv Bank-Lending Channel
Credit Supply
Euro Area
Lending Interest Rates
Portugal
TLTRO
Unconventional Monetary Policy
topic Bank-Lending Channel
Credit Supply
Euro Area
Lending Interest Rates
Portugal
TLTRO
Unconventional Monetary Policy
description We assess the transmission of the Targeted Longer-Term Refinancing Operations (TLTRO) to the bank credit supply for the Euro area (2014–2017) and for Portugal (2011:02– 2018:01), using a panel data setup. In order to estimate a causal effect, we construct an instrumental variable (IV) using the maximum borrowing allowance in the TLTRO. For the Euro area, we find a positive impact of the TLTRO on the amount of credit granted to the real economy, in particular in the less vulnerable countries. For Portugal, using a difference-in-differences model, we find that bidding banks set lower interest rates in relation to non-bidding banks and the difference seems to be larger in 2016 and 2017.
publishDate 2020
dc.date.none.fl_str_mv 2020
2020-01-01T00:00:00Z
2022-09-14T15:12:42Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/25501
url http://hdl.handle.net/10400.5/25501
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Afonso, António and Joana Sousa‐Leite. (2020). "The transmission of unconventional monetary policy to bank credit supply: evidence from the TLTRO." The Manchester School Vol. 88: pp. 151-171.
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv The University of Manchester and John Wiley & Sons Ltd.
publisher.none.fl_str_mv The University of Manchester and John Wiley & Sons Ltd.
dc.source.none.fl_str_mv reponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
instacron:RCAAP
instname_str FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
instacron_str RCAAP
institution RCAAP
reponame_str Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
collection Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
repository.name.fl_str_mv Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
repository.mail.fl_str_mv info@rcaap.pt
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