Monetary policy, ownership structure, and risk-taking at financial intermediaries

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dc.contributor.authorCaselli, Giorgio
dc.contributor.authorFigueira, Catarina
dc.date.accessioned2022-12-14T10:21:00Z
dc.date.available2022-12-14T10:21:00Z
dc.date.issued2022-11-07
dc.description.abstractThis paper examines how ownership structure interacts with monetary policy in shaping financial intermediaries' appetite for risk. By constructing a large panel of banks across Western Europe, we provide evidence that differences in bank ownership influence the transmission of monetary policy via the risk-taking channel. While shareholder banks actively adjust the riskiness of their portfolios to changes in interest rates, stakeholder banks appear to be less responsive to such changes. These findings call for greater attention to the nature of bank ownership when setting monetary policy.en_UK
dc.identifier.citationCaselli G, Figueira C. (2023) Monetary policy, ownership structure, and risk-taking at financial intermediaries. Financial Review, Volume 58, Issue 1, February 2023, pp. 167-191en_UK
dc.identifier.issn0732-8516
dc.identifier.urihttps://doi.org/10.1111/fire.12329
dc.identifier.urihttps://dspace.lib.cranfield.ac.uk/handle/1826/18808
dc.language.isoenen_UK
dc.publisherWileyen_UK
dc.rightsAttribution 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/*
dc.subjectbank ownershipen_UK
dc.subjectfinancial crisisen_UK
dc.subjectmacroprudential policyen_UK
dc.subjectmonetary transmission mechanismen_UK
dc.subjectrisk-taking channelen_UK
dc.subjectsystemic risken_UK
dc.titleMonetary policy, ownership structure, and risk-taking at financial intermediariesen_UK
dc.typeArticleen_UK

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