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Lenders’ asymmetric reaction to the ECB’s non-standard policies in the syndicated loan market

Aurore Burietz and Matthieu Picault

No 2020-ACF-03, Working Papers from IESEG School of Management

Abstract: We investigate the effectiveness of the bank lending channel, that is, whether, and if so how, the accommodative monetary policy of the European Central Bank (ECB) mitigated the disruption in syndicated bank lending between 2008 and 2014. We show that both standard and non-standard measures of the ECB’s accommodating monetary policy alleviated banks’ funding constraints, helping support their lending activities in the syndicated loan market. We highlight a crosssectional asymmetry in the banks’ responses to non-standard measures, with small or highly capitalised banks providing loans with higher amounts. In the European region, bank size appears to be the most discriminating factor when it comes to distinguishing between banks.

Keywords: Syndicated loans; financial crisis; bank lending channel; European Central Bank; Nonstandard monetary policies (search for similar items in EconPapers)
JEL-codes: E52 F34 G21 (search for similar items in EconPapers)
Pages: 44 pages
Date: 2020-05
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