Matyunina Alexandra, Ongena Steven
Swiss Finance Institute, University of Zurich, Plattenstrasse 14, CH-8032 Zurich, Switzerland.
Swiss Finance Institute, KU Leuven, NTNU, and CEPR, University of Zurich, Plattenstrasse 14, CH-8032 Zurich, Switzerland.
Eur J Law Econ. 2022;54(1):127-152. doi: 10.1007/s10657-022-09734-9. Epub 2022 Jul 18.
We analyse the recent policy decisions made by the European Central Bank and the national authorities related to capital and shareholders' remuneration aimed at promoting banking credit supply in COVID-19-afflicted economies. We forecast the impact of the regulatory decisions based on the empirical literature and discuss the factors that reduce the banks' incentives to expand their loan portfolios. We argue that the introduction of the dividend ban caused a surge in regulatory uncertainty and undermined banks' market valuation raising the expected funding costs and contributing to the banks' reluctance to make use of the capital buffers. We develop policy suggestions intended to mitigate this effect.
我们分析了欧洲央行和各国当局近期做出的与资本及股东薪酬相关的政策决策，这些决策旨在促进受新冠疫情影响经济体中的银行信贷供应。我们根据实证文献预测监管决策的影响，并讨论降低银行扩大贷款组合激励的因素。我们认为，股息禁令的实施导致监管不确定性激增，削弱了银行的市场估值，提高了预期融资成本，并导致银行不愿动用资本缓冲。我们提出了旨在减轻这种影响的政策建议。
