Relationship Banking and Monetary Policy Transmission: Evidence from India
研究了关系型银行业务如何影响货币政策传导，发现与单一银行保持独家关系的企业受货币政策冲击的影响较小，这对理解银行信贷渠道和金融体系稳定性有参考价值。
Abstract Though the monetary policy transmission and financial intermediation literature have highlighted the role of the “bank credit channel” and relationship banking, respectively, the effect of relationship banking on the transmission of monetary policy has not been investigated. In this paper, we study the impact of relationship banking on the transmission of monetary policy. Theoretically, relationship banking could ameliorate or exacerbate the effects of monetary policy shocks. Using unique and comprehensive data on bank–borrower relationships in India, we find that firms that enjoy an exclusive banking relationship are less susceptible to monetary policy shocks than firms that bank with multiple banks.