Central bank liquidity reallocation and bank lending: Evidence from the tiering system☆

• 成果类型: Article
• 署名作者: Altavilla, Carlo; Boucinha, Miguel; Burlon, Lorenzo; Giannetti, Mariassunta; Schumacher, Julian
• 署名单位: European Central Bank; Stockholm School of Economics; Swedish House of Finance
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2025.104058
• 发表日期: 2025
• 关键词: Money market; Excess reserves; transmission mechanism; Bank lending; Negative interest rate policy

摘要

We document that the reallocation of central bank reserves towards banks with higher liquidity needs fosters credit supply. Exploiting the ECB's tiered reserve remuneration system for identification, we show that this system encouraged banks with low reserve holdings to obtain more reserves through the money market. Concomitantly, these banks reduced their securities holdings and extended more credit. We estimate that the reallocation of one euro of reserves towards banks with ex ante low reserve holdings resulted in an increase in credit supply of about 15 cents.