This paper studies the effect of central banks’ targeted refinancing operations on bank lending. It utilizes data from the European Central Bank’s targeted longer-term refinancing operations (TLTROs) together with monthly bank level balance sheet data from multiple countries. The effect of...

Using the data of listed companies and the DID method, this paper reveals three ways in which green credit policy (GCP) affects corporate debt financing, By controlling credit input, GCP can effectively restrain corporate debt financing in the "two-high" industries, However, the policy also...

Cooperatives are considered to have provided benefits and advantages for the community who are members of the cooperative especially, both households, community groups and business actors. However, with the development of the world economy, the existence of cooperatives is now considered to be...

I study the role of firm heterogeneity for the transmission of unconventional monetary policy in the form of "credit policy" à la Gertler and Karadi (2011). To this end, I lay out a Two-Agent New-Keynesian model with financially constrained and unconstrained firms and a financial intermediary...

This study investigates the heterogeneous effects of the green credit policy (GCP) on firms' green innovation and transformation and upgradation. Using a comprehensive dataset of companies operating in the green sector, we employ panel regression models to examine the interaction between the...

Refinancing of green credit by the European Central Bank at favourable conditions has received the backing of some economists and policymakers. The article examines the motives put forward to support this proposal, as well as how it could be implemented and how its proponents try to ward off...

We take advantage of the natural experiment generated by the exogenous change in government policy towards microcredit to evaluate the impact of the increased supply of microcredit on the utilisation of credit by micro-entrepreneurs. Based on micro-entrepreneurs' survey and administrative data...

The economics literature lacks articles that provide a broad roadmap-let alone a logical explanation-of the new set of Federal Reserve policy tools that were created to counter the COVID-19 recession. This study provides an overview of the motivation for these new credit-easing programs-namely...