The countercyclical capital buffer and the composition of bank lending
研究了瑞士2013年激活逆周期资本缓冲（针对住房抵押贷款）后，银行商业贷款增长更快，尤其惠及小型高风险企业，但它们的融资成本也上升。
Do targeted macroprudential measures impact non-targeted sectors too? We investigate the compositional changes in the supply of credit by Swiss banks, exploiting their differential exposure to the activation in 2013 of the countercyclical capital buffer (CCyB) which targeted banks’ exposure to residential mortgages. We find that the additional capital requirements resulting from the activation of the CCyB are associated with higher growth in banks’ commercial lending. While banks are lending more to all types of businesses, the new macroprudential policy benefits smaller and riskier businesses the most. However, the interest rates and other costs of obtaining credit for these firms rise as well.