BANKING, CORPORATE FINANCE, AND MONETARY POLICY: AN EMPIRICAL PERSPECTIVE
回顾了公司金融和宏观经济学中关于银行信贷作用的理论与实证研究，指出银行在克服资本市场不完美方面具有优势，并探讨了银行信贷对实体经济的影响及货币政策传导中的信贷渠道。
Traditional theories of corporate finance and macroeconomics give no independent role to bank credit in real behavior, implicitly assuming perfect capital markets. However, most recent theoretical work in corporate finance stresses capital market imperfections which limit access to finance for certain borrowers. Banks are seen as means to overcome these difficulties, implying a comparative advantage over securities markets, and that bank lending may have real effects. Empirical results at a micro level tend to support many of these theories, based on asymmetric information and incomplete contracts, albeit often also being consistent with other hypotheses. Equally, some progress had been made relating recent developments in banking and corporate finance to macroeconomic developments (the so-called credit channel of monetary transmission). The central banks are showing a greater interest in credit as an indicator and component of the monetary-policy transmission mechanism, partly in the light of this body of research. Copyright 1994 by Oxford University Press.