TAILIEUCHUNG - BIS Working Papers No 345 The bank lending channel: Lessons from the crisis

Recent research suggests that corporate governance reforms in the non- financial sector may not be appropriate for banks and other financial sector firms. 1 This is based on the view that no single corporate governance structure is appropriate for all industry sectors, and that the application of governance models to particular industry sectors should take account of the institutional dynamics of the specific industry. Corporate governance in the banking and financial sector differs from that in the non-financial sectors because of the broader risk that banks and financial firms pose to the economy. 2 As a result, the regulator plays. | BANK FOR INTERNATIONAL SETTLEMENTS BIS Working Papers No 345 The bank lending channel Lessons from the crisis by Leonardo Gambacorta and David Marques-Ibanez Monetary and Economic Department May 2011 JEL classification E51 E52 E44. Keywords bank lending channel monetary policy financial innovation. BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements and from time to time by other economists and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. Copies of publications are available from Bank for International Settlements Communications CH-4002 Basel Switzerland E-mail publications@ Fax 41 61 280 9100 and 41 61 280 8100 This publication is available on the BIS website . Bank for International Settlements 2011. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 print ISBN 1682-7678 online ii The bank lending channel Lessons from the crisis Leonardo Gambacorta1 and David Marques-Ibanez2 Summary The 2007-2010 financial crisis highlighted the central role of financial intermediaries stability in buttressing a smooth transmission of credit to borrowers. While results from the years prior to the crisis often cast doubts on the strength of the bank lending channel recent evidence shows that bank-specific characteristics can have a large impact on the provision of credit. We show that new factors such as changes in banks business models and market funding patterns had modified the monetary transmission mechanism in Europe and in the US prior to the crisis and demonstrate the existence of structural changes during the period of financial crisis. Banks with weaker core capital positions greater dependence on market funding and on non-interest sources of income restricted the .

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