期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2005
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：This paper investigates whether variations in macroeconomic uncertainty
distort banks’ allocation of loanable funds by affecting the
predictability of banks’ returns from lending. Low levels of macroeconomic
uncertainty will allow bankers to base their lending decisions on
more accurate evaluations of different lending opportunities, leading
to a more unequal distribution of lending across banks. Contrarily,
increased macroeconomic uncertainty will hinder bankers’ ability to
identify and channel funds towards the best opportunities, inducing
more similar lending behavior across banks. Our empirical analysis
provides support for the hypothesis that macroeconomic uncertainty
adversely affects the efficient allocation of loanable funds.
