此篇文章为NYU金融系今年毕业的博士生的Matteo Crosignani的Job Market Paper

The Effect of Central Bank Liquidity Injections on Bank Credit Supply

Matteo Crosignani，Luisa Carpinelli, December 2015

Summary: Can central banks restore bank credit supply during severe financial crises? We analyze the largest central bank liquidity injection in history to learn about the design of  liquidity provisions in bad times.

Abstract: We study the effect of the largest central bank liquidity injection ever conducted, the European Central Bank 3-Year LTRO, on bank credit supply. Using the comprehensive Italian credit registry, we show that banks exposed to the foreign wholesale market experience a run and reduce credit supply before the intervention and expand it after the central bank extraordinary liquidity provision. High leverage firms are the most affected during the credit contraction and benefit the most from the intervention. We then exploit a regulatory change that expands the definition of central bank eligible collateral to show that (i) banks hit by the run use the central bank liquidity uptakes to increase credit supply and (ii) other intermediaries still tap the facility to increase their holdings of liquid assets. Our findings show that the ECB liquidity injection had a positive 2% effect on bank credit supply