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Did quantitative easing boost bank lending? The Slovak experience

Adriana Lojschova

MPRA Paper from University Library of Munich, Germany

Abstract: We find evidence that households in Slovakia do benefit from the ECB asset purchase programme. On the individual bank-level data of 26 financial institutions (full representation of the banking sector) we establish and confirm a traditional relationship between bank lending and changes to deposit ratio. We find the long-run relationship to be twice as strong in the household sector as in the sector of non-financial corporations. Controlling for interest rate changes and other factors, we also introduce asset purchases into the model. We document some, although limited, evidence of the presence of the bank lending channel of asset purchases in the household sector.

Keywords: Bank lending channel; quantitative easing; panel data (search for similar items in EconPapers)
JEL-codes: E52 G21 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ban, nep-cba, nep-eec, nep-mac and nep-mon
Date: 2017-05
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https://mpra.ub.uni-muenchen.de/79567/1/WP_1_2017_ ... ct_on_Lending_EN.pdf original version (application/pdf)

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Working Paper: Did quantitative easing boost bank lending? The Slovak experience (2017) Downloads
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