Hazardous Times for Monetary Policy: What Do Twenty‐Three Million Bank Loans Say About the Effects of Monetary Policy on Credit Risk‐Taking?

By Gabriel Jiménez, Steven R. G. Ongena, José-Luis Peydró, Jesús Saurina. 2014

343 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/16877aaedbfde6b36c431a7b3d90fd3da720a32f

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Citations in the corpus

Bank Leverage and Monetary Policy's Risk-Taking Channel: Evidence from the United States (2016, positive): “…Gambacorta, and ECB Working Paper 1903, May 2016 8 Marquez-Ibañez (2010)).6 Papers based on credit registries generally use borrower-level measures of risk based on pre-existing default history or ex-post loan default rates (Jimenez et al. (2014) and Ioannidou, Ongena, and Peydro (2015)).”
Search for Yield (2017, positive): “Although we have a real model without nominal frictions, some of this evidence is also in line with our predictions; see, for example, Jimenez et al. (2014), Altunbas, Gambacorta, and Marques-Ibanez (2014), DellAriccia, Laeven, and Suarez (2014), and Ioannidou, Ongena and Peydro (2015).”
Do Banks Pass Through Credit Expansions to Consumers Who Want to Borrow (2015, positive): “…risk across banks mediates the strength of the bank lending channel (see, among others, Acharya et al., 2015; Dell’Ariccia, Laeven and Suarez, 2016; Jiménez et al., 2012, 2014; Kashyap and Stein, 1994; Kishan and Opiela, 2000).5 In our model, forces like liquidity levels affect banks’ shadow cost…”
Bank Leverage and Monetary Policy's Risk-Taking Channel (2013, neutral): “2 An exception is Jimenez et al. (2008) who use credit history information on past doubtful loans as an ex ante measure of firm credit risk.”
A capital structure channel of monetary policy (2018, positive): “Jiménez et al. (2014) and Ioannidou et al. (2015) find that a reduction in interest rates results in excessive risk-taking by poorly capitalized banks consistent with a search-for-yield.”
Monetary Policy and Bank Profitability in a Low Interest Rate Environment (2018, positive): “…does not hamper bank profitability, shareholder and bond-holder values, there could be distortionary effects possibly related to excessive bank risk-taking (Jiménez et al, 2014; Ioannidou, Ongena and Peydró, 2015) and zombie lending/loan ever-greening practices (Freixas, Laeven and Peydró, 2015).”