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|a We empirically analyse the relationship between longer term central bank liquidity support and banks' balance sheet ratios, using difference-in-differences panel regressions and propensity score matching on a large sample of banks in the euro area. The research question is whether the liquidity operations, which were introduced to prevent disorderly deleveraging, can also be linked to unintended changes in banks' funding policies and asset allocations. The results show that unconditional and conditional refinancing operations are associated with different developments on banks' balance sheets. Unconditional longer-term refinancing operations went together with higher maturity transformation by banks in stressed countries, and also more carry trades, i.e. banks borrowing more while increasing their holdings of government bonds. In contrast, refinancing operations that were conditional on banks' lending were not associated with such carry trades, highlighting the benefits of conditionality attached to long-term refinancing operations.
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Haan, Leo de, Holton, Sarah, End, Jan-Willem van den |
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Haan, Leo de, Holton, Sarah, End, Jan-Willem van den |
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lfer |
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We empirically analyse the relationship between longer term central bank liquidity support and banks' balance sheet ratios, using difference-in-differences panel regressions and propensity score matching on a large sample of banks in the euro area. The research question is whether the liquidity operations, which were introduced to prevent disorderly deleveraging, can also be linked to unintended changes in banks' funding policies and asset allocations. The results show that unconditional and conditional refinancing operations are associated with different developments on banks' balance sheets. Unconditional longer-term refinancing operations went together with higher maturity transformation by banks in stressed countries, and also more carry trades, i.e. banks borrowing more while increasing their holdings of government bonds. In contrast, refinancing operations that were conditional on banks' lending were not associated with such carry trades, highlighting the benefits of conditionality attached to long-term refinancing operations. |
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Frankfurt am Main, Germany, European Central Bank, [2019] |
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Frankfurt am Main, Germany: European Central Bank, [2019] |
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DE-D117, DE-105, LFER, DE-Ch1, DE-15, DE-14, DE-L242, DE-Zwi2 |
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Haan, Leo de VerfasserIn (DE-588)134101162 (DE-627)560388624 (DE-576)300313039 aut, The impact of central bank liquidity support on banks' balance sheets Leo de Haan, Sarah Holton, Jan Willem van den End, Frankfurt am Main, Germany European Central Bank [2019], 1 Online-Ressource (circa 43 Seiten) Illustrationen, Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Working paper series / European Central Bank no 2326 (November 2019), We empirically analyse the relationship between longer term central bank liquidity support and banks' balance sheet ratios, using difference-in-differences panel regressions and propensity score matching on a large sample of banks in the euro area. The research question is whether the liquidity operations, which were introduced to prevent disorderly deleveraging, can also be linked to unintended changes in banks' funding policies and asset allocations. The results show that unconditional and conditional refinancing operations are associated with different developments on banks' balance sheets. Unconditional longer-term refinancing operations went together with higher maturity transformation by banks in stressed countries, and also more carry trades, i.e. banks borrowing more while increasing their holdings of government bonds. In contrast, refinancing operations that were conditional on banks' lending were not associated with such carry trades, highlighting the benefits of conditionality attached to long-term refinancing operations., Holton, Sarah VerfasserIn (DE-588)1187368237 (DE-627)1666498289 aut, End, Jan-Willem van den VerfasserIn (DE-588)171230485 (DE-627)061410276 (DE-576)132040034 aut, Europäische Zentralbank Working paper series no 2326 (November 2019) 2326 (DE-627)372370322 (DE-576)108090442 (DE-600)2123559-4 1725-2806, https://doi.org/10.2866/15373 Resolving-System kostenfrei, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2326~4f94de6a16.en.pdf Verlag kostenfrei, http://hdl.handle.net/10419/208360 Resolving-System kostenfrei, https://doi.org/10.2866/15373 LFER, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2326~4f94de6a16.en.pdf LFER, LFER 2019-12-05T00:00:00Z |
| spellingShingle |
Haan, Leo de, Holton, Sarah, End, Jan-Willem van den, The impact of central bank liquidity support on banks' balance sheets, Europäische Zentralbank, Working paper series, no 2326 (November 2019), We empirically analyse the relationship between longer term central bank liquidity support and banks' balance sheet ratios, using difference-in-differences panel regressions and propensity score matching on a large sample of banks in the euro area. The research question is whether the liquidity operations, which were introduced to prevent disorderly deleveraging, can also be linked to unintended changes in banks' funding policies and asset allocations. The results show that unconditional and conditional refinancing operations are associated with different developments on banks' balance sheets. Unconditional longer-term refinancing operations went together with higher maturity transformation by banks in stressed countries, and also more carry trades, i.e. banks borrowing more while increasing their holdings of government bonds. In contrast, refinancing operations that were conditional on banks' lending were not associated with such carry trades, highlighting the benefits of conditionality attached to long-term refinancing operations. |
| title |
The impact of central bank liquidity support on banks' balance sheets |
| title_auth |
The impact of central bank liquidity support on banks' balance sheets |
| title_full |
The impact of central bank liquidity support on banks' balance sheets Leo de Haan, Sarah Holton, Jan Willem van den End |
| title_fullStr |
The impact of central bank liquidity support on banks' balance sheets Leo de Haan, Sarah Holton, Jan Willem van den End |
| title_full_unstemmed |
The impact of central bank liquidity support on banks' balance sheets Leo de Haan, Sarah Holton, Jan Willem van den End |
| title_in_hierarchy |
no 2326 (November 2019). The impact of central bank liquidity support on banks' balance sheets ([2019]) |
| title_short |
The impact of central bank liquidity support on banks' balance sheets |
| title_sort |
impact of central bank liquidity support on banks balance sheets |
| url |
https://doi.org/10.2866/15373, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2326~4f94de6a16.en.pdf, http://hdl.handle.net/10419/208360 |
