SUSTAINABLE BANKING, FINANCIAL STRENGTH AND THE BANK LENDING CHANNEL OF MONETARY POLICY

IF 16.4 1区 化学 Q1 CHEMISTRY, MULTIDISCIPLINARY Accounts of Chemical Research Pub Date : 2023-03-01 DOI:10.15240/tul/001/2023-1-010
María Cantero-Sáiz, Begoña Torre-Olmo, Sergio Sanfilippo-Azofra
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Abstract

The aim of this article is to analyse how sustainable banking affects the transmission of monetary policy through the bank lending channel. We also quantify how these effects are determined by the financial strength of each bank. These objectives, which have not been studied previously, represent an important contribution because real sustainable concerns in banking did not emerged until recently, mainly with the adoption of the Sustainable Development Goals that should be reached by 2030. Since then, some studies have focused on the effects of sustainability on aspects such as bank profitability, risk or efficiency, but none has considered the effects on the bank lending channel of monetary policy. In fact, central banks have incorporated sustainability criteria into their agenda and are analyzing how to include these criteria in the monetary policy framework, so we contribute even more by shedding some light on these aspects and how they depend on the financial strength of the banking sector. We used quarterly data from 79 listed banks from the OECD between 2016 and 2019 (947 observations) and we found that the bank lending channel is operative either for banks with very low sustainability ratings or a weak financial position. When sustainability ratings increase and financial strength becomes moderate, the bank lending channel is ineffective and monetary shocks do not affect lending. For banks with certain sustainable compromises and a strong financial position, the impact of monetary shocks on lending is the opposite of the one that the bank lending channel proposes, and this impact is more intense as sustainability ratings increase. Finally, our results also show that increases in central bank assets boost lending only for banks with low or moderate sustainability ratings, regardless of their financial strength. Overall, these results suggest that more sustainable banks are less dependent on monetary policy decisions.
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银行可持续发展,资金实力和银行贷款渠道的货币政策
本文的目的是分析可持续银行如何通过银行贷款渠道影响货币政策的传导。我们还量化了每家银行的财务实力如何决定这些影响。这些目标之前没有被研究过,但它们是一个重要的贡献,因为银行业真正的可持续问题直到最近才出现,主要是随着2030年应该实现的可持续发展目标的通过。此后,一些研究侧重于可持续性对银行盈利能力、风险或效率等方面的影响,但没有研究考虑货币政策对银行贷款渠道的影响。事实上,各国央行已将可持续性标准纳入其议程,并正在分析如何将这些标准纳入货币政策框架,因此,我们通过阐明这些方面以及它们如何依赖于银行业的财务实力,做出了更大的贡献。我们使用了2016年至2019年经合组织79家上市银行的季度数据(947次观察),发现银行贷款渠道对可持续性评级非常低或财务状况较差的银行有效。当可持续性评级提高、资金实力趋于中等时,银行贷款渠道失效,货币冲击不影响贷款。对于具有一定可持续性妥协和较强财务状况的银行,货币冲击对贷款的影响与银行贷款渠道所建议的相反,并且随着可持续性评级的提高,这种影响更加强烈。最后,我们的研究结果还表明,央行资产的增加只会促进可持续性评级较低或中等的银行的贷款,无论其财务实力如何。总体而言,这些结果表明,更具可持续性的银行对货币政策决策的依赖程度较低。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Accounts of Chemical Research
Accounts of Chemical Research 化学-化学综合
CiteScore
31.40
自引率
1.10%
发文量
312
审稿时长
2 months
期刊介绍: Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.
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