IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-05392486.html

Macroprudential policy and corporate loans: evidence from the syndicated loan market

Author

Listed:
  • Christophe J Godlewski

    (LARGE - Laboratoire de Recherche en Gestion et Economie - UNISTRA - Université de Strasbourg)

  • Małgorzata Olszak

    (Faculty of Management [Warsaw] - UW - Uniwersytet Warszawski [Polska] = University of Warsaw [Poland] = Université de Varsovie [Pologne])

Abstract

We examine how macroprudential policy influences the structure of syndicated corporate loan contracts. Using a dataset of 4,853 European syndicated loans matched with detailed macroprudential policy indicators across nineteen EU countries, we study the impact of regulatory stance on loan amount, maturity, collateral and covenant use. Stricter macroprudential policy is associated with larger loans and a higher probability of collateralization, while macroprudential loosening reduces loan size. These adjustments occur along the intensive margin rather than through outright credit rationing and are concentrated among medium-sized loans and longmaturity facilities. We also show that borrower and lender characteristics mediate the response: larger, more leveraged firms and well-capitalized arranging banks are the primary drivers of the increase in loan size and collateral use. Our findings reveal a novel micro-level transmission channel of macroprudential policy and indicate that regulatory tightening reallocates credit toward safer contracts rather than suppressing overall lending.

Suggested Citation

  • Christophe J Godlewski & Małgorzata Olszak, 2025. "Macroprudential policy and corporate loans: evidence from the syndicated loan market," Post-Print hal-05392486, HAL.
    • Handle: RePEc:hal:journl:hal-05392486
    DOI: 10.1016/j.intfin.2025.102223
    Note: View the original document on HAL open archive server: https://univoak.hal.science/hal-05392486v1
    as

    Download full text from publisher

    File URL: https://univoak.hal.science/hal-05392486v1/document
    Download Restriction: no
    File URL: https://libkey.io/10.1016/j.intfin.2025.102223?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Keywords

    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-05392486. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.