Banks' Equity Capital Frictions, Capital Ratios, and Interest Rates: Evidence from Spanish Banks
利用西班牙银行数据，研究了银行股权资本的决定因素及其比率对贷款利率的影响，发现价值最大化选择和惯性留存收益共同决定股权资本，且贷款利率随股权资本上升，调整期增幅高于稳态。
Banks ’ choices on their economic capital factor into the cost of funds and are key to the assessment of the social cost from higher equity capital ratios set by Basel III. We model the determinants of equity capital and the influence of its ratios on the interest rates of bank loans by using data from Spanish banks. The results show that a combination of valuemaximization choices and inertial earnings retentions determine equity capital and that the inertia component is more important to savings banks than to commercial banks. We also find that loans ’ interest rates increase with equity capital and the increase is higher during the adjustment period than in the steady state.