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The transmission of unconventional monetary policy to bank credit supply: evidence from the TLTRO

Joana Sousa-Leite
António Afonso
Ano de Divulgação 
Código JEL 
C33 - Models with Panel Data
C87 - Econometric Software
E50 - General
E51 - Money Supply; Credit; Money Multipliers
E52 - Monetary Policy (Targets, Instruments, and Effects)
E58 - Central Banks and Their Policies
We assess the transmission of the Targeted Longer-Term Refinancing Operations (TLTRO) to the bank credit supply for the Euro area (2014:05-2018:01) and for Portugal (2011:01-2018:01), using a panel data setup. For the Euro area, we find a positive relationship between the TLTRO and the amount of credit granted to the real economy. For the vulnerable countries, the effects of the TLTRO on the stock of credit increased from 2016 to 2017. Among the group of small banks, the effects are stronger in less vulnerable countries. We also find that competition has no statistically significant impact on the transmission of the TLTRO to the bank credit supply for the Euro area. For Portugal, using a difference-in-differences model, we find no statistically significant impact of the TLTRO on credit granted by banks. Finally, bidding banks set lower interest rates than non-bidding banks and the difference seems to be larger in 2017. In Portugal, the effects of the TLTRO on loan interest rates also increased from 2016 to 2017 and are stronger for small banks.
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