作者：Cao, Jin; Juelsrud, Ragnar E.; Sondershaus, Talina
作者单位：Norges Bank
摘要：We use the introduction of covered bonds in Norway in 2007 together with administrative and supervisory data at the bank and loan level to investigate the effect of asset encumbrance, that is, pledging assets as collateral, on the composition of bank balance sheets and bank risk. We show that covered bonds-despite being collateralized with mortgages-lead to a shift in bank lending from mortgages to corporate loans. The marginal corporate borrower is young and low-rated, suggesting that overall...
