Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/207206 
Year of Publication: 
2019
Series/Report no.: 
CESifo Working Paper No. 7815
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
Do macroprudential regulations on residential lending influence commercial lending behavior too? To answer this question, we identify the compositional changes in banks’ supply of credit using the variation in their holdings of residential mortgages on which extra capital requirements were uniformly imposed by the countercyclical capital buffer (CCyB) introduced in Switzerland in 2012. We find that the CCyB’s introduction led to higher growth in commercial lending although this was unrelated to conditions in regional housing markets. Interest rates and fees charged to the firms concurrently increased. We rationalize these findings in a model featuring both private and firm-specific collateral.
Subjects: 
macroprudential policy
spillovers
credit
bank capital
systemic risk
JEL: 
E51
E58
E60
G01
G21
G28
Document Type: 
Working Paper
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