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SUMMARY:Money Markets and Bank Lending: Evidence from the Tiering Adoption
DTSTART:20230224T103000
DTEND:20230224T120000
DTSTAMP:20260412T083159Z
UID:ff6011af1ed2c1b2b4f0537887853ed2c7e6fe8dc9f1d62b9b0e0d43
CATEGORIES:Conferences - Seminars
DESCRIPTION:Mariassunta Giannetti - Stockholm School of Economics\nExploit
 ing the introduction of the ECB’s tiering system for remunerating exces
 s reserve holdings\, we document the importance of money market participat
 ion for bank lending. We show that the two-tier system encouraged banks wi
 th unused exemptions to participate in the money market to obtain liquidit
 y. This ultimately decreased money market fragmentation\, allowing banks t
 o ensure future liquidity shocks. We provide evidence that stronger money 
 market relationships reduce the precautionary behavior of financially cons
 trained banks with unused allowances\, which consequently extend more cred
 it than other banks.\n 
LOCATION:UniL Campus\, Room Extra 126
STATUS:CONFIRMED
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