State-Run Banks, Money Growth, and the Real Economy

• 成果类型: Article
• 署名作者: Morck, Randall; Yavuz, M. Deniz; Yeung, Bernard
• 署名单位: University of Alberta; National Bureau of Economic Research; Purdue University System; Purdue University; National University of Singapore
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2018.3111
• 发表日期: 2019
• 页码: 5914-5932
• 关键词: state run banks; monetary policy; loan growth; capital spending; monetary stimulus; banking

摘要

Within countries, individual state-run banks' lending correlates with prior money growth; similar private-sector banks' lending does not. Aggregate credit and investment growth correlate with prior money growth more where banking systems are more state-run. Size and liquidity differences between state-run and private-sector banks do not drive these results; further tests discount broad classes of alternative explanations. Tests exploiting heterogeneity in political pressure on state-run banks associated with privatizations and elections suggest a command-and-control pseudo-monetary policy channel: changes in money growth, perhaps reflecting political pressure on the central bank, change banks' lending constraints; political pressure actually changes state-run banks' lending.