SAegnalazioni dalla BCE-ECB

... the latest issue (No. 107) of the ECB Research Bulletin, entitled “A new tool in the box: dividend restrictions as supervisory policy stimulus”.

Ernest Dautović (Directorate General Research, European Central Bank), Leonardo Gambacorta (Bank for International Settlements and CEPR) and Alessio Reghezza (Directorate General Macro Prudential Policy and Financial Stability, European Central Bank) estimate the impact of the ECB’s dividend restrictions introduced at the onset for the COVID-19 pandemic on bank lending and risk-taking, by using credit registry data and a direct measure that captures variation in compliance with the recommendation across banks in the euro area. 

They find that dividend restrictions have been an effective policy in supporting financially constrained firms, adding capital space to banks, and limiting procyclical behaviour. 

The effects on lending are greater for small and medium-sized enterprises and for firms operating in sectors more vulnerable to the effects of the pandemic.

The ECB Research Bulletin features a selection of recent work on policy-relevant topics by ECB economists. Published on a monthly basis, the articles in the Research Bulletin are intended for a general audience. The views expressed in each article are those of the authors and do not necessarily represent the views of the European Central Bank and the Eurosystem.(...)