Procyclical Capital Regulation and Lending
利用德国经济的准实验设计，研究基于模型的资本监管如何加剧银行贷款的顺周期性，并影响企业融资。发现监管导致贷款减少2.1至3.9个百分点，且对企业总借款影响更大。
ABSTRACT We use a quasi‐experimental research design to examine the effect of model‐based capital regulation on the procyclicality of bank lending and firms' access to funds. In response to an exogenous shock to credit risk in the German economy, capital charges for loans under model‐based regulation increased by 0.5 percentage points. As a consequence, banks reduced the amount of these loans by 2.1 to 3.9 percentage points more than for loans under the traditional approach with fixed capital charges. We find an even stronger effect when we examine aggregate firm borrowing, suggesting that microprudential capital regulation can have sizeable real effects.