Intensified lending competition and search-for-yield under prolonged monetary easing

研究成果: Article査読

抄録

We present a structural estimation of regionally heterogeneous demand elasticity and the degree of competition in Japanese local loan markets under prolonged monetary easing. Our estimates show that lending competition intensifies in markets where banks hold more slack liquidity caused by monetary easing, and where loan demand is less elastic against lowering interest rates due to a rapidly aging population. We also find evidence for “search-for-yield”, i.e., banks in more competitive markets are driven to extend riskier loans.

本文言語English
論文番号101076
ジャーナルJournal of The Japanese and International Economies
56
DOI
出版ステータスPublished - 2020 6月

ASJC Scopus subject areas

  • 財務
  • 経済学、計量経済学
  • 政治学と国際関係論

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