Bank loans during the 2008 quantitative easing

Hsuan Chi Chen, Robin K. Chou, Chih-Yung Lin, Chien Lin Lu*


研究成果: Article同行評審

5 引文 斯高帕斯(Scopus)


We examine the effect of quantitative easing on the supply of bank loans. During the Fed's quantitative easing programs, lending banks reduced relatively more loan spreads, offered longer loan maturities, provided larger loans, and loosened more covenants for firms whose long-term bond ratings were below BBB and were lower than those with investment-grade bond ratings. Furthermore, we find that new bank loans in this period were associated with a reduction in a firm's value and an increase in default risk. These results indicate that banks took greater risk during the 2008 quantitative easing by relaxing lending standards to relatively riskier borrowers.

期刊Journal of Financial Stability
出版狀態Published - 4月 2022


深入研究「Bank loans during the 2008 quantitative easing」主題。共同形成了獨特的指紋。