The design and transmission of central bank liquidity provisions

被引：32

作者：

Carpinelli, Luisa ^{[1
]}

Crosignani, Matteo ^{[2
]}

机构：

[1] Bank Italy, Via Nazl 91, I-00184 Rome, Italy

[2] Fed Reserve Bank New York, 33 Liberty St, New York, NY 10025 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2021年 / 141卷 / 01期

关键词：

Central bank liquidity; Wholesale funding dry-ups; Short-term funding; Central bank collateral; UNCONVENTIONAL MONETARY-POLICY; CREDIT CRUNCH EVIDENCE; SOVEREIGN DEBT CRISIS; SHOCKS EVIDENCE; IMPACT; MARKET; CHANNEL; CONSTRAINTS; PASS;

D O I：

10.1016/j.jfineco.2020.06.025

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We analyze the role of loan maturity and collateral eligibility in the transmission of central bank liquidity provisions to banks following a wholesale funding dry-up. We analyze the transmission of the three-year LTRO, which substantially extended the ECB liquidity maturity, in Italy, where banks benefited from a government guarantee program that effectively relaxed the ECB collateral requirements. Combining the national credit register with banks securities holdings, we find that (i) the maturity extension supported banks' credit supply and (ii) banks used most liquidity to buy domestic government bonds and substitute missing wholesale funding, two possibly unstated goals of the intervention. (c) 2021 Elsevier B.V. All rights reserved.

引用

页码：27 / 47

页数：21

共 70 条

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