LEADER 05729oam 22010934 450 001 9910788345203321 005 20230721045628.0 010 $a1-4623-0231-9 010 $a1-4527-6723-8 010 $a9786612841835 010 $a1-4518-7090-6 010 $a1-282-84183-1 035 $a(CKB)3170000000055121 035 $a(EBL)1608030 035 $a(SSID)ssj0000943976 035 $a(PQKBManifestationID)11505880 035 $a(PQKBTitleCode)TC0000943976 035 $a(PQKBWorkID)10977707 035 $a(PQKB)11554645 035 $a(OCoLC)465444517 035 $a(MiAaPQ)EBC1608030 035 $a(IMF)WPIEE2008232 035 $a(EXLCZ)993170000000055121 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aBank Losses, Monetary Policy and Financial Stability?Evidence on the Interplay from Panel Data /$fLea Zicchino, Erlend Nier 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (32 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/232 300 $aDescription based upon print version of record. 311 $a1-4519-1543-8 320 $aIncludes bibliographical references. 327 $aContents; I. Introduction; II. Theory and Hypothesis Development; III. Empirical Method and Data; Tables; 1. Summary Statistics; 2. Average of Provision Ratio; IV. Benchmark Results; 3. Benchmark Equation-Determinants of Loan Growth; V. The Effect of Monetary Policy; 4. The Effect of Losses and Monetary Policy-Interactions; 5. The Effect of Capital and Monetary Policy-Interactions; 6. The Effect of Losses, Capital, and Monetary Policy-Interactions; VI. Financial Conditions: Crisis Versus Noncrisis Countries; 7. Determinants of Loan Growth: Crisis Versus Non-crisis Countries 327 $a8. Monetary Policy and Banking Crises VII. Robustness Checks; A. Bank-fixed Effects; 9. Monetary Policy and Banking Crises-Interactions; 10. The Effect of Losses and Monetary Policy-Fixed Effects; B. Endogeneity of Bank-specific Characteristics; VIII. Conclusions; 11. The Effect of Losses and Monetary Policy-Robustness to Endogeneity (Fixed Effects Estimate); 12. Description of Variables and Data Sources; 13. Summary Statistics: Monetary Policy and Banking Crisis Countries; 14. Summary Statistics: Monetary Policy and Banking Crisis Episodes; Appendix; References 330 3 $aWe assess the extent to which loan losses affect banks? provision of credit to companies and households and examine how feedback from losses to a reduction in credit is affected by the monetary policy stance. Using a unique cross-country dataset of more than 600 banks from 32 countries, we find that losses lead to a reduction in credit and that this effect is more pronounced when either initial bank capitalization is thin or when monetary policy is tight. Moreover, in the face of credit losses, ample capital is more important in cushioning the effect of loan losses when monetary policy is tight. In other words, capital buffers and accommodating monetary policy act as substitutes in offsetting the adverse effect of losses on loan growth. While most of these effects are stronger in crisis times, we find them to operate both in and outside full-blown banking crises. These findings have important implications for the interplay between financial stability and monetary policy, which this paper also draws out. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/232 606 $aBank failures$xEconometric models 606 $aMonetary policy$xEconometric models 606 $aEconomic stabilization$xEconometric models 606 $aBanks and Banking$2imf 606 $aMoney and Monetary Policy$2imf 606 $aIndustries: Financial Services$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aFinancial Crises$2imf 606 $aMonetary economics$2imf 606 $aBanking$2imf 606 $aFinance$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aBank credit$2imf 606 $aLoans$2imf 606 $aCredit$2imf 606 $aBanking crises$2imf 606 $aBanks and banking$2imf 606 $aFinancial crises$2imf 607 $aUnited States$2imf 615 0$aBank failures$xEconometric models. 615 0$aMonetary policy$xEconometric models. 615 0$aEconomic stabilization$xEconometric models. 615 7$aBanks and Banking 615 7$aMoney and Monetary Policy 615 7$aIndustries: Financial Services 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aFinancial Crises 615 7$aMonetary economics 615 7$aBanking 615 7$aFinance 615 7$aEconomic & financial crises & disasters 615 7$aBank credit 615 7$aLoans 615 7$aCredit 615 7$aBanking crises 615 7$aBanks and banking 615 7$aFinancial crises 676 $a332.1 700 $aZicchino$b Lea$01493501 701 $aNier$b Erlend$01467715 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788345203321 996 $aBank Losses, Monetary Policy and Financial Stability?Evidence on the Interplay from Panel Data$93716503 997 $aUNINA