Annual Conference

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International Macroeconomics, Money & Banking

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May 2018

Bank Supply Shocks and Firm Investment: A Granular View from the Thai Credit Registry Data

Nasha ANANCHOTIKUL, Vorada LIMJAROENRAT
This paper attempts to link bank loan supply shocks to the real economic activity at the firm and aggregate level. We apply the methodology pioneered by Amiti and Weinstein (2017) to bank-firm credit registry dataset in Thailand for the period of 2004-2015. Loan growth dynamics of individual banks a...
Keywords: Bank supply shocks, Credit cycle, Bank relationships, Bank concentration, Granular shocks, Firm investment, Credit registry data, Thailand
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2021

Bank Risk-Taking and Monetary Policy Transmission: Evidence from China

Xiaoming LI, Zheng LIU, Yuchao PENG, Zhiwei XU
We study the impact of China’s 2013 implementation of Basel III on bank risk-taking and its responses to monetary policy shocks using confidential loan-level data from a large Chinese bank. Guided by theory, we use a difference-in-difference identification, exploiting cross-sectional differences i...
Keywords: Bank risk taking, bank capital regulations, portfolio choices, Macroprudential Policy, monetary policy, capital reallocation, China
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2017

Bank Monitoring and Corporate Tax Planning: Evidence from Loan Covenants

Yupeng LIN, Zilong ZHANG, Xiangang XIN, Liandong ZHANG
This study examines the effect of bank monitoring on corporate tax planning behavior. To identify the causal effect, we use a regression discontinuity design, taking advantage of the discrete nature of bank control rights surrounding covenant violation thresholds. We find that strengthened bank moni...
Keywords: Bank monitoring, tax planning, loan covenants, cash tax savings, tax risk, regression discontinuity design
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Webinar Series

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Innovation, Productivity and Challenges in the Digital Era: Asia and Beyond

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Feb 2023

Bank Competition amid Digital Disruption: Implications for Financial Inclusion

Yang (Gloria) YU, Erica Xuewei JIANG, Jinyuan ZHANG
This paper studies how banks compete amid digital disruption and the resulting distributional effect across consumers. Digital disruption increases the geographic coverage of banking services, bringing new entrants to local markets. However, as digital customers shift from branches to digital servic...
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Augmenting Markets with Mechanisms

Samuel ANTILL, Darrell DUFFIE
We model a market in which traders lay off their excess inventories of an asset in a sequence of size-discovery sessions and on a continuously operating exchange. Taking the exchange as given, we derive a size-discovery mechanism that efficiently reallocates the asset across traders at each session...
Keywords: mechanism design, price impact, size discovery, allocative efficiency, workup, dark pool, market design
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