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Economic support during the Covid crisis. Quantitative Easing and Lending Support Schemes in the UK

Fatouh, Mahmoud; Giansante, Simone; Ongena, Steven (2021). Economic support during the Covid crisis. Quantitative Easing and Lending Support Schemes in the UK. Economics Letters, 209:110138.

Abstract

We investigate how UK bank business lending responded to the simultaneous use of quantitative easing, leverage ratio capital requirements, and government COVID lending support schemes. We find no evidence that the Brexit wave increased lending to nonfinancial businesses, compared to the previous waves, except for QE-banks subject to the UK leverage ratio, suggesting that the ratio incentivised QE-banks to lend to businesses. The government schemes helped expand lending especially to SMEs post the COVID wave, indicating that complementing QE with other credit easing programmes can reinforce its impact on lending to the real economy. During COVID-stress, changes to the UK leverage ratio supported better market-making in securities markets, and additional QE liquidity boosted stronger repo market intermediation.

Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Finance
Dewey Decimal Classification:330 Economics
Scopus Subject Areas:Social Sciences & Humanities > Finance
Social Sciences & Humanities > Economics and Econometrics
Scope:Discipline-based scholarship (basic research)
Language:English
Date:December 2021
Deposited On:23 Jan 2022 17:09
Last Modified:27 Oct 2024 02:36
Publisher:Elsevier
ISSN:0165-1765
OA Status:Green
Publisher DOI:https://doi.org/10.1016/j.econlet.2021.110138
Official URL:https://www.sciencedirect.com/science/article/abs/pii/S0165176521004158?via%3Dihub
Related URLs:https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3831967 (Organisation)
Other Identification Number:merlin-id:21588
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