Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/212441 
Year of Publication: 
2019
Series/Report no.: 
Bank of Finland Research Discussion Papers No. 7/2019
Publisher: 
Bank of Finland, Helsinki
Abstract: 
This study applies a difference-in-differences approach to estimate the effect of the European Central Bank's second series of targeted longer-term refinancing operations (TLTRO-II) on bank lending. Effects on corporate loans, loans for house purchase and loans for consumption are analysed separately. The results indicate that TLTRO-II increased lending to non-financial corporations. The cumulative effect of TLTRO-II on participating banks' corporate lending is estimated to be about 30 per cent. The estimated effects for house purchase and consumption loans are positive, but statistically insignificant.
JEL: 
E44
E51
E52
G21
Persistent Identifier of the first edition: 
ISBN: 
978-952-323-269-3
Document Type: 
Working Paper

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