Can Central Banks Boost Corporate Investment? Evidence from ECB Liquidity Injections
研究欧洲央行长期再融资操作（LTRO）对企业投资的影响，发现LTRO资金流入风险较高的银行后，这些银行增持主权债务，反而导致企业投资下降，且财政与监管政策削弱了流动性注入的效果。
Abstract Liquidity injections by central banks have become frequent and massive, but their real effects on corporate investment remain unclear. We examine the longer-term refinancing operations (LTROs) of the European Central Bank (ECB) during the eurozone sovereign crisis and show that greater LTRO funding to banks is associated with lower corporate investment. Riskier banks received funds through the LTROs and subsequently increased their holdings of risky sovereign debt. Corporate investment reductions are associated with these banks. Further, concurrent fiscal and regulatory policies impeded the effectiveness of the ECB liquidity injections. Our findings identify the contributing factors for these failures of monetary policy. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.