The Post-2015 German Lending Surge: What Role for QE?

Sebastian Eiblmeier

MPRA Paper from University Library of Munich, Germany

Abstract: This paper uses German microdata to test whether the ECB’s quantitative easing (QE) spurred bank lending to non-financial firms. Bank-firm loan data allow me to control for loan demand at firm level. The share of bonds in banks’ total assets before QE serves as treatment proxy. While the effects are positive and statistically significant, they are small: Increasing the bond/asset share in a firm’s lender bank by one standard deviation increases the de-trended outstanding bilateral loan volume by 3-5% of its within-sample mean. At firm level, no unambiguous effect can be observed.

Keywords: Unconventional monetary policy; Germany; bank lending; portfolio rebalancing; panel regression. (search for similar items in EconPapers)
JEL-codes: C23 E51 E52 G11 G21 (search for similar items in EconPapers)
Date: 2025-08-29
New Economics Papers: this item is included in nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:126431

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