Whatever It Takes: The Real Effects of Unconventional Monetary Policy

• 成果类型: Article
• 署名作者: Acharya, Viral V.; Eisert, Tim; Eufinger, Christian; Hirsch, Christian
• 署名单位: Reserve Bank of India; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Navarra; IESE Business School; Deutsche Bundesbank
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhz005
• 发表日期: 2019
• 页码: 3366
• 关键词: CAPITAL REQUIREMENTS EVIDENCE; Financial dependence; interest-rates; BANK BAILOUTS; credit; tarp; BENEFIT; loans; US

摘要

Launched in Summer 2012, the European Central Bank's (ECB) Outright Monetary Transactions (OMT) program indirectly recapitalized European banks through its positive impact on periphery sovereign bonds. However, the stability reestablished in the banking sector did not fully translate into economic growth. We document zombie lending by banks that remained weakly capitalized even post-OMT. In turn, firms receiving loans used these funds not to undertake real economic activity, such as employment and investment, but to build cash reserves. Creditworthy firms in industries with a high zombie firm prevalence significantly suffered from this credit misallocation, which further slowed the economic recovery.