Completing the European Banking Union: Capital cost consequences for credit providers and corporate borrowers
研究了欧盟银行复苏与清算指令（BRRD）在不同成员国实施时，对银行资本成本及向企业借款人传导的影响，发现核心国家银行提高了信贷利差并收缩了信贷供给，但整体上增强了金融系统韧性。
The bank recovery and resolution directive (BRRD) regulates the bail-in hierarchy to resolve distressed banks in the European Union (EU). Using the staggered BRRD implementation across 15 member states, we identify banks’ capital cost responses and subsequent pass-through to borrowers towards surprise elements due to national transposition details. Average bank capital costs increase heterogeneously across countries with strongest funding cost hikes observed for banks located in GIIPS and non-EMU countries. Only banks in core E(M)U countries that exhibit higher funding costs increase credit spreads for corporate borrowers and contract credit supply. Tighter credit conditions are only passed on to more levered and less profitable firms. On balance, the national implementation of BRRD appears to have strengthened financial system resilience without a pervasive hike in borrowing costs.