Monetary Conditions and Banks' Behaviour in the Czech Republic

被引：9

作者：

Gersl, Adam ^{[1
,2
,3
]}

Jakubik, Petr ^{[2
,3
,4
]}

Kowalczyk, Dorota ^{[5
,6
,7
]}

Ongena, Steven ^{[8
,9
,10
]}

Peydro, Jose-Luis ^{[10
,11
,12
,13
,14
]}

机构：

[1] Joint Vienna Inst, Vienna, Austria

[2] Czech Natl Bank, Prague, Czech Republic

[3] Charles Univ Prague, Inst Econ Studies, Prague, Czech Republic

[4] EIOPA, Frankfurt, Germany

[5] CERGE EI, Prague, Czech Republic

[6] Acad Sci Czech Republ, Inst Econ, Prague, Czech Republic

[7] RANEPA, Moscow, Russia

[8] Univ Zurich, Zurich, Switzerland

[9] Swiss Finance Inst, Zurich, Switzerland

[10] CEPR, London, England

[11] Univ Pompeu Fabra, ICREA, Barcelona, Spain

[12] Univ Pompeu Fabra, CREI, Barcelona, Spain

[13] City Univ London, Cass Business Sch, London EC1V 0HB, England

[14] Barcelona Grad Sch Econ, Barcelona, Spain

来源：

OPEN ECONOMIES REVIEW | 2015年 / 26卷 / 03期

关键词：

Business cycle; Credit risk; Financial stability; Lending standards; Monetary policy; Risk-taking; MARKET POWER; POLICY; FINANCE; HAZARD; CYCLE; RISK;

D O I：

10.1007/s11079-015-9355-y

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper examines the impact of monetary conditions on the risk-taking behaviour of banks in the Czech Republic by analysing the comprehensive credit register of the Czech National Bank. Our duration analysis indicates that expansionary monetary conditions promote risk-taking among banks. At the same time, a lower interest rate during the life of a loan reduces its riskiness. While seeking to assess the association between banks' appetite for risk and the short-term interest rate we answer a set of questions related to the difference between higher liquidity versus credit risk and the effect of the policy rate conditioned on bank and borrower characteristics.

引用

页码：407 / 445

页数：39

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