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The Tradeoff between Monetary Policy and Bank Stability

Author

Listed:
  • Martien Lamers

    (University of Groningen, Netherlands and Ghent University)

  • Frederik Mergaerts

    (Ghent University)

  • Elien Meuleman

    (Ghent University)

  • Rudi Vander Vennet

    (Ghent University)

Abstract
This paper investigates the transmission of monetary policy to systemic risk of euro-area and U.S. banks between 2008 and 2015. Using market measures of systemic risk and a VAR to obtain monetary policy shocks, we find that accommodative policy generally has a positive effect on bank stability in the euro area but a negative effect in the United States. Different transmission channels are at play: in the euro area the effect works mainly through a stealth recapitalization channel, while in the United States the effect is due to risk-shifting. Moreover, transmission of monetary policy differs across bank business models.

Suggested Citation

  • Martien Lamers & Frederik Mergaerts & Elien Meuleman & Rudi Vander Vennet, 2019. "The Tradeoff between Monetary Policy and Bank Stability," International Journal of Central Banking, International Journal of Central Banking, vol. 15(2), pages 1-42, June.
    • Handle: RePEc:ijc:ijcjou:y:2019:q:2:a:1
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    More about this item

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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