欧洲央行-抵押品和信贷（英）

Working Paper Series Collateral and credit Hans Degryse, Olivier De Jonghe, Luc Laeven, Tong Zhao Disclaimer: This paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB. No 3095 Challenges for Monetary Policy Transmission in a Changing World Network (ChaMP) This paper contains research conducted within the network “Challenges for Monetary Policy Transmission in a Changing World Network” (ChaMP). It consists of economists from the European Central Bank (ECB) and the national central banks (NCBs) of the European System of Central Banks (ESCB). ChaMP is coordinated by a team chaired by Philipp Hartmann (ECB), and consisting of Diana Bonfim (Banco de Portugal), Margherita Bottero (Banca d’Italia), Emmanuel Dhyne (Nationale Bank van België/Banque Nationale de Belgique) and Maria T. Valderrama (Oesterreichische Nationalbank), who are supported by Melina Papoutsi and Gonzalo Paz-Pardo (both ECB), 7 central bank advisers and 8 academic consultants. ChaMP seeks to revisit our knowledge of monetary transmission channels in the euro area in the context of unprecedented shocks, multiple ongoing structural changes and the extension of the monetary policy toolkit over the last decade and a half as well as the recent steep inflation wave and its reversal. More information is provided on its website. ECB Working Paper Series No 30951AbstractThis paper studies the role of collateral using the euro area corporate credit registry, Ana-Credit. We document key facts about the importance, distribution, and composition of col-lateral, including its presence, types, and values. On average, 70% of credit amounts arecollateralized. Real estate and financial assets are the most pledged, while physical movableassets and other intangible assets are less present. In addition, we show that the aggregatecollateral value pledged to the banking sector is substantial, driven mainly by real estate inmost countries. For the first time, we examine the collateral channel in bank credit using theactual value of individual collateral. By exploiting within-firm and within-bank variationsfor newly issued secured loans, we find that the elasticity of collateral value to loan commit-ment amounts is around 0.7´0.8. This collateral value elasticity exhibits substantial countryand time heterogeneity, which can be explained by legal, financial, and macro conditions.JEL classification: E32, G21, G33Keywords: Collateral channel, Corporate financing, Secured debt, Bank creditECB Working Paper Series No 309522Non-Technical SummaryCollateral plays a crucial role in bank lending. It reduces risk by giving banks the legal rightto seize and sell a borrower’s assets if the borrower fails to repay. Firms’ assets, like land andbuildings, both facilitate production and serve as security for loans. This makes collateral acornerstone of corporate finance and a powerful amplifier of macro