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Liquidity Regulation and Bank Lending

Author

Listed:
  • Foly Ananou

    (LAPE - Laboratoire d'Analyse et de Prospective Economique - GIO - Gouvernance des Institutions et des Organisations - UNILIM - Université de Limoges)

  • Dimitris K Chronopoulos

    (University of St Andrews, Centre for Responsible Banking & Finance, Gateway Building, St Andrews, Fife KY16 9RJ, UK)

  • Amine Tarazi

    (LAPE - Laboratoire d'Analyse et de Prospective Economique - GIO - Gouvernance des Institutions et des Organisations - UNILIM - Université de Limoges)

  • John O S Wilson

    (Centre for Responsible Banking & Finance, University of St Andrews Gateway Building, St Andrews, Fife KY16 9RJ, UK)

Abstract
Bank liquidity shortages during the global financial crisis of 2007-2009 led to the introduction of liquidity regulations, the impact of which has attracted the attention of academics and policymakers. In this paper, we investigate the impact of liquidity regulation on bank lending. As a setting, we use the Netherlands, where a Liquidity Balance Rule (LBR) was introduced in 2003. The LBR was imposed on Dutch banks only and did not apply to other banks operating elsewhere within the Eurozone. Using this differential regulatory treatment to overcome identification concerns and a difference-indifferences approach, we find that the LBR increased the volume of lending by Dutch banks relative to other banks located in the Eurozone. Increased equity, an inflow of retail deposits and subsequent increase in balance sheet size allowed Dutch banks to increase lending despite having to meet the LBR requirements. The LBR also affected loan composition (with corporate and retail lending increasing more than mortgage lending) and the maturity profile of loan portfolios. Our results have relevance for policymakers tasked with monitoring the impact of liquidity regulations on banks and the real economy.

Suggested Citation

  • Foly Ananou & Dimitris K Chronopoulos & Amine Tarazi & John O S Wilson, 2021. "Liquidity Regulation and Bank Lending," Working Papers hal-03259305, HAL.
    • Handle: RePEc:hal:wpaper:hal-03259305
    Note: View the original document on HAL open archive server: https://hal.science/hal-03259305
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    References listed on IDEAS

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    More about this item

    Keywords

    Bank Lending; Basel III; Liquidity Regulation; Liquidity Balance Rule; Liquidity Coverage Ratio; Propensity Score Matching; Quasi-natural experiment;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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