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Unconventional Monetary Policy and Bank Lending Relationships

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  • Christophe Cahn
  • Anne Duquerroy
  • William Mullins

Abstract

How to support private lending to firms in recessions is a major open question. This paper uses an unexpected change in the collateral framework of the European Central Bank that reduced the cost of funding loans to a subset of firms in France in 2012, to examine how bank adjust their corporate lending portfolio in a downturn. It provides causal evidence that targeted unconventional monetary policy can be an effective lever to increase private credit and reduce contagion of financial distress. The effect is strongly driven by firms wiThéonly a single bank relationship, especially less risky borrowers with information intensive banking relationships.

Suggested Citation

  • Christophe Cahn & Anne Duquerroy & William Mullins, 2017. "Unconventional Monetary Policy and Bank Lending Relationships," Working papers 659, Banque de France.
    • Handle: RePEc:bfr:banfra:659
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    Keywords

    Unconventional Monetary Policy; Relationship Banking; SME finance; Bank Lending; Small Business; Collateral.;
    All these keywords.

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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