Unconventional Monetary Policy Transmission and Bank Lending Relationships

• 成果类型: Article
• 署名作者: Cahn, Christophe; Duquerroy, Anne; Mullins, William
• 署名单位: European Central Bank; Bank of France; University of California System; University of California San Diego
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2022.01871
• 发表日期: 2025
• 关键词: unconventional monetary policy transmission; RELATIONSHIP BANKING; SME finance

摘要

Firms with only one bank relationship make up the majority of firms in many economies. This paper explores whether policy-driven lending is differentially transmitted to single-bank firms in comparison with the multibank firms that are the focus of the literature. Using unique variation in the ECB's very long-term refinancing operations (VLTROs), which affected lending to firms discontinuously across credit ratings but within banks, we find selective transmission of VLTRO liquidity to single-bank firms. Banks apply higher lending standards to single-bank firms, with banking relationships determining both new lending and lending maturity. By contrast, banks appear to transmit policy lending nearuniformly across multibank firms.