A Note of Caution on Quantifying Banks' Recapitalization Effects
指出，量化非常规货币政策对银行的资本重组效应时，必须考虑证券的会计与估值方法、各国监管规则以及期限结构，否则结论可能不准确。
Abstract Unconventional monetary policy measures like asset purchase programs aim to reduce certain securities' yield and alter financial institutions' investment behavior. These measures increase the institutions' market value of securities and add to their equity positions. We show that the extent of this recapitalization effect crucially depends on the securities' accounting and valuation methods, country‐level regulation, and maturity structure. We argue that future research needs to consider these factors when quantifying banks' recapitalization effects and consequent changes in banks' lending decisions to the real sector.