Monetary Policy at Work: Security and Credit Application Registers Evidence
利用意大利独特的信贷和证券登记数据，研究发现危机时期央行流动性增加时，资本不足的银行会减少信贷、增加证券持有，从而削弱货币政策传导，但一年后这些银行会恢复信贷供给。
Monetary policy transmission may be impaired if banks rebalance their portfolios toward securities. We identify the bank lending and risk-taking channels of monetary policy by exploiting—Italy's unique—credit and security registers. In crisis times, with higher central bank liquidity, less capitalized banks react by increasing securities over credit supply, inducing worse firm-level real effects. However, they buy securities with lower yields and haircuts. Unlike in crisis times, in precrisis times, securities do not crowd out credit supply. The substitution from lending to securities in crisis times helps less capitalized banks repair their balance sheets and restart credit supply with a one-year lag.