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UID:fda93b50a6b6f44f0a14693524188a54
CATEGORIES:Seminars
CREATED:20170421T180210
SUMMARY:Lunch Seminar: Piergiorgio Alessandri (Bank of Italy)
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong>Bank lending in uncertain times</st
 rong> (with Margherita Bottero)</p><p style="text-align: justify;">Abstract
 :<br /> We study the impact of economic uncertainty on the supply of bank c
 redit using a monthly dataset that includes all loan applications submitted
  by a sample of 650,000 Italian firms between 2003 and 2012. We find that a
 n increase in aggregate uncertainty has three effects. First, it reduces ba
 nks’ likelihood to accept new credit applications. Second, it lengthens the
  time firms have to wait for their loans to be issued. Third, it makes bank
 s less responsive to fluctuations in short-term interest rates, weakening t
 he bank lending channel of monetary policy. The influence of uncertainty is
  relatively stronger for poorly capitalized lenders and/or opaque or distan
 t borrowers.</p>
DTSTAMP:20260423T004106Z
DTSTART:20161102T130000Z
DTEND:20161102T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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