Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/216783 
Erscheinungsjahr: 
2017
Quellenangabe: 
[Journal:] Schmalenbach Business Review [Volume:] 18 [Issue:] 3 [Publisher:] Springer [Place:] Berlin, Heidelberg [Year:] 2017 [Pages:] 181-226
Verlag: 
Springer, Berlin, Heidelberg
Zusammenfassung: 
We identify the impact of short-term interest rates on credit risk-taking in the short and long run by analyzing a comprehensive credit register from Spain, a country where for the last twenty years monetary policy was mostly decided abroad. Duration analyses show that lower overnight rates prior to loan origination lead banks to lend more to borrowers with a worse credit history and to grant more loans with a higher per-period probability of default. Lower overnight rates during the life of the loan reduce this probability. Bank, borrower and market characteristics determine the impact of overnight rates on credit risk-taking.
Schlagwörter: 
monetary policy
low interest rates
financial stability
lending standards
credit risk-taking
credit composition
business cycle
liquidity risk
JEL: 
E44
E5
G21
DOI der veröffentlichten Version: 
Dokumentart: 
Article
Dokumentversion: 
Accepted Manuscript (Postprint)
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