Creditor Rights and the Bank Lending Channel of Monetary Policy

Begoña Torre Olmo (), Sergio Sanfilippo Azofra () and María Cantero Sáiz ()
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Begoña Torre Olmo: University of Cantabria
Sergio Sanfilippo Azofra: University of Cantabria
María Cantero Sáiz: University of Cantabria

Chapter Chapter 6 in Corporate Governance in Banking and Investor Protection, 2018, pp 107-122 from Springer

Abstract: Abstract This article analyzes how creditor rights influence the loan supply reaction of banks to monetary policy through the bank lending channel. Additionally, we test whether the influence of creditor rights on lending is different before and after the crisis. Using a sample of 1096 listed banks from 36 countries between 2003 and 2015, we find that creditor rights do not directly influence loan supply, neither before nor after the crisis, but they play an important role during monetary shocks. In this regard, the bank lending channel of monetary policy is less effective in countries with stronger creditor rights.

Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:spr:csrchp:978-3-319-70007-6_6

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DOI: 10.1007/978-3-319-70007-6_6

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