2026-04-18T02:14:49Zhttps://recercat.cat/oai/request

oai:recercat.cat:10230/198512025-12-13T00:31:09Zcom_2072_6col_2072_452953

Macroprudential policy, countercyclical bank capital buffers and credit supply: Evidence from the Spanish dynamic provisioning experiments Jiménez, Gabriel Ongena, Steven Peydró, José-Luis Saurina, Jesús bank capital dynamic provisioning credit availability financial crisis. Finance and Accounting Macroeconomics and International Economics Labour, Public, Development and Health Economics To study the impact of macroprudential policy on credit supply cycles and real effects, we analyze dynamic provisioning, which implies pro-cyclical bank capital regulation. Introduced in Spain in 2000, revised four times and tested in its counter-cyclicality during the crisis, it affected banks differentially. Accessing an exhaustive credit register, we find that dynamic provisioning smooths credit supply cycles and, in bad times, supports firm performance. A policy-induced one-percentage point (pp) increase in capital buffers extends credit to firms by 9 pp, increasing firm employment (6 pp) and survival (1 pp). Moreover, there are important compositional effects in credit supply related to risk and regulatory arbitrage by non-regulated and regulated-but-less-affected banks. 2024-11-14T10:10:00Z 2024-11-14T10:10:00Z 2012-06-01 2024-11-14T10:03:41Z info:eu-repo/semantics/workingPaper Economics and Business Working Papers Series; 1315 L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons http://creativecommons.org/licenses/by-nc-nd/3.0/es/ info:eu-repo/semantics/openAccess