Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/224488
Authors: 
Becker, Chris
Ossandon Busch, Matias
Tonzer, Lena
Year of Publication: 
2020
Series/Report no.: 
IWH Discussion Papers 21/2017
Abstract: 
We examine whether liquidity dynamics within banking groups matter for the transmission of macroprudential policy. Using matched headquarter-branch data for identification, we find a lending channel of reserve requirements for municipal branches whose headquarters are more exposed to the policy tool. The result is driven by the 2008-2009 crisis and is stronger for state-owned branches, especially when being less profitable and liquidity constrained. These findings suggest the presence of cross-regional distributional effects of macroprudential policies operating via internal capital markets.
Subjects: 
macroprudential regulation
financial intermediation
intra-group dynamics
JEL: 
F30
F65
G21
G28
Document Type: 
Working Paper

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