Corporate finance and the monetary transmission mechanism

• 成果类型: Article
• 署名作者: Bolton, Patrick; Freixas, Xavier
• 署名单位: Columbia University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhl002
• 发表日期: 2006
• 页码: 829
• 关键词: INVESTMENT DECISIONS; capital structure; BANK; debt; INFORMATION; equity; POLICY; funds; MODEL

摘要

We analyze the transmission effects of monetary policy in a general equilibrium model of the financial sector, with bank lending and securities markets. Bank lending is constrained by capital adequacy requirements, and asymmetric information adds a cost to outside bank equity capital. In our model, monetary policy does not affect bank lending through changes in bank liquidity; rather, it operates through changes in the spread of bank loans over corporate bonds, which induce changes in the aggregate composition of financing by firms, and in banks' equity-capital base. The model produces multiple equilibria, one of which displays all the features of a credit crunch.