Real Effects of Exchange Rate Depreciation: The Roles of Bank Loan Supply and Interbank Markets
利用2014年欧元贬值的准自然实验，发现汇率贬值通过提升银行净值增加贷款供给，尤其通过大银行向小银行提供银行间贷款，最终促进出口企业密集地区的产出增长。
Abstract Using matched bank–firm‐level data and estimating difference‐in‐differences regressions around the 2014 depreciation of the euro, we show that exchange rate depreciations can lead to higher loan supply by raising banks' net worth. We focus on a new channel, interbank lending from large banks with high net dollar exposure to small banks without foreign‐currency asset exposure, but with a high share of exporting firms in their portfolio. We also find that German regions with such small banks experience higher output growth following the depreciation. These findings show the importance of banks' balance sheet structure and interbank markets in transmitting exchange rate shocks to the real economy.