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Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 8/2025
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
We use confidential loan-level data from the European Central Bank to investigate how changes in the countercyclical capital buffer requirement in Germany affect lending to firms. We find evidence showing that tightening the countercyclical capital buffer leads German banks to reduce the volume of corporate loans and increase the price of new loans. These effects take place immediately after the announcement, given 12 months before the change was implemented. Importantly, we find that the reduction in credit availability notably affects small and medium-sized enterprises, which experience both a significant decrease in available credit and an increase in credit costs. In contrast, large firms are not affected.
Schlagwörter: 
Macroprudential policy
Countercyclical capital buffer
Loan level data
JEL: 
E58
G21
G28
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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