Role of Banks in Entrusted Lending Sample Clauses

Role of Banks in Entrusted Lending. In this section we answer the question of whether banks played an important role in overall entrusted lending during the period of monetary tightening. To determine such a role of banks, we use the data of entrusted loans facilitated by nonbank trustees as an instrument. This instrument is necessary for us to identify banks’ behavior in entrusted loans conditional on changes in monetary policy. The following regression 12Except for the characteristic of whether the lending to the borrowing firm is risky, there is no need to control for borrowers’ other characteristics because they do not affect the spread. As the interest rate spread, labeled by s, captures the degree of riskiness as well as the term premium, what should be controlled for are the maturity and other time fixed effects captured by αt. involves double interactions between monetary policy and the type of trustees: log Ss = α + αt + αggt−1 + βbgt−1I (Bankb) + Controlb + εs (2.2) where I (Bankb) controls for the type of trustees and αt, as defined in Section , is a vector of variables controlling for aggregate time fixed effects other than the effect of monetary policy and captures, for example, business-cycle effects. The variable I (Bankb) returns 1 if the trustee is a bank and 0 otherwise.13 The additional control variable Controlb is I (Bankb). Following Kashyap and Xxxxx (2000), we use the double-interaction term to capture bank’s willingness to be engaged in entrusted lending.14 Table 2.5 reports the ordinary least squares results of regression (2.2) for all the coefficients (except those of control variables). The coefficient βb of the double-interaction term gt−1I (Bankb) captures how much of entrusted lending is facilitated by banks in addition to the lending channeled by nonbank trustees when M2 growth changes. From the table one can see that this marginal effect is estimated to be negative and the estimate is highly significant. The negative sign means that monetary tightening (a fall in M2 growth) increases, not decreases, entrusted lending. The coefficient αg captures the impact of monetary tightening on entrusted loans facilitated by nonbank trustees. The positive value indicates that the amount of en- trusted lending facilitated nonbank trustees decreases in response to a fall in M2 growth, reflecting the impact of monetary contractions on the overall economy. Al- though this term is statistically insignificant, it is necessary for our difference-in- difference approach to control...
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