Preferential Regulatory Treatment and Banks' Demand for Government Bonds
利用交易级数据分析，发现微观审慎的流动性和资本监管中的优惠待遇显著增加了银行对政府债券的需求，并导致银行减少对实体经济的贷款。
The purpose of this paper is to analyze the impact of preferential regulatory treatment on banks' demand for government bonds. Using unique transaction‐level data, our analysis suggests that preferential treatment in microprudential liquidity and capital regulation significantly increases banks' demand for government bonds. Liquidity and capital regulation also seem to incentivize banks to substitute other bonds with government bonds. We also find evidence that this “regulatory effect” leads banks to reduce lending to the real economy.