Macroprudential Policy, Countercyclical Bank Capital Buffers, and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments

• 成果类型: Article
• 署名作者: Jimenez, Gabriel; Ongena, Steven; Peydro, Jose-Luis; Saurina, Jesus
• 署名单位: Banco de Espana; University of Zurich; Swiss Finance Institute (SFI); Centre for Economic Policy Research - UK; Pompeu Fabra University; ICREA; Centre de Recerca en Economia Internacional (CREI); Imperial College London
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/694289
• 发表日期: 2017
• 页码: 2126-2177
• 关键词: technology adoption; technical change; GROWTH; industrialization; fertility; MODEL

摘要

To study the impact of macroprudential policy on credit supply cycles and real effects, we analyze dynamic provisioning. Introduced in Spain in 2000, revised four times, and tested in its countercyclicality during the crisis, it affected banks differentially. We find that dynamic provisioning smooths credit supply cycles and, in had times, supports firm performance. A 1 percentage point increase in capital buffers extends credit to firms by 9 percentage points, increasing firm employment (6 percentage points) and survival (1 percentage point). Moreover, there are important compositional effects in credit supply related to risk and regulatory arbitrage by nonregulated and regulated but less affected banks.