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    The dynamic effects of non-performing loans on banks’ cost of capital and lending supply in the Eurozone

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    2021-03-20
    Date
    2020
    Author
    Chiesa, Gabriella 
    Mansilla Fernández, José Manuel Upna
    Version
    Acceso embargado / Sarbidea bahitua dago
    xmlui.dri2xhtml.METS-1.0.item-type
    Artículo / Artikulua
    Version
    Versión aceptada / Onetsi den bertsioa
    Project Identifier
    ES/1PE/ECO2016-77631-R 
    Impact
     
     
     
    10.1007/s10663-020-09475-5
     
     
     
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    Abstract
    This paper analyses the transmission channel from non-performing loans to the cost of capital, credit provision and liquidity creation in the banks of the Eurozone. The empirical results suggest that holdings of non-performing loans increase both the long- and short-term cost of capital for banks. Moreover, the less capitalized the bank, the greater the reduction in credit provision and liquidity ... [++]
    This paper analyses the transmission channel from non-performing loans to the cost of capital, credit provision and liquidity creation in the banks of the Eurozone. The empirical results suggest that holdings of non-performing loans increase both the long- and short-term cost of capital for banks. Moreover, the less capitalized the bank, the greater the reduction in credit provision and liquidity creation due to the increased cost of capital. This phenomenon is found to be more economically significant for European periphery country banks than for core country banks. The identification of the transmission channel is robust to the Granger predictability test. [--]
    Subject
    Cost of capital, Credit supply, Liquidity creation, NPLs, Sovereign debt crisis
     
    Publisher
    Springer
    Published in
    Empirica, 2020
    Departament
    Universidad Pública de Navarra. Departamento de Gestión de Empresas / Nafarroako Unibertsitate Publikoa. Enpresen Kudeaketa Saila / Universidad Pública de Navarra / Nafarroako Unibertsitate Publikoa. Inarbe - Institute for Advanced Research in Business and Economics
     
    Publisher version
    https://doi.org/10.1007/s10663-020-09475-5
    URI
    https://hdl.handle.net/2454/37315
    Sponsorship
    José Manuel Mansilla-Fernández gratefully acknowledges Financial Support from ECO2016-77631-R (Ministerio de Economía y Competitividad).
    Appears in Collections
    • Artículos de revista DGE - EKS Aldizkari artikuluak [142]
    • Artículos de revista - Aldizkari artikuluak [2947]
    • Artículos de revista INARBE - INARBE aldizkari artikuluak [51]
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