How effective were policy measures in supporting bank lending during the Covid-19 crisis?
Research conference hosted by the Basel Committee on Banking Supervision and the Committee on the Global Financial System, 10–11 May 2022 in hybrid format at the BIS headquarters in Basel, Switzerland
Many countries implemented exceptional policy measures to support bank lending during the Covid-19 crisis. Some policy measures were intended to strengthen banks' lending capacity and others to incentivise banks to use their available capacity. This conference features research studying how these policy measures affected the availability and allocation of bank credit, with the goal of informing future policy decisions.
Conference programme
| 13:00 - 13:20 |
Welcoming remarks Philip Lowe, Governor of the Reserve Bank of Australia and Chair of the CGFS |
| 13:20 - 15:20 |
Session 1 – Incentivising lending: evidence from Europe Chair: Alexander Schulz (Deutsche Bundesbank and Co-Chair of the BCBS Research Group) "Public guarantees, relationship lending and bank credit: evidence from the Covid-19 crisis" by Gabriel Jiménez (Banco de España) "Public guarantees and credit additionality during the Covid-19 pandemic" by Giuseppe Cascarino (Banca d'Italia) "The visible hand when revenues stop: evidence from loan and stock markets during Covid-19" by François Koulischer (University of Luxembourg) |
| 15:40 - 17:40 |
Session 2 – Incentivising lending: evidence from the United States Chair: Don Morgan (Federal Reserve Bank of New York) "Motivating banks to lend? Credit spillover effects of the Main Street Lending Program" by Camelia Minoiu (Federal Reserve Board of Governors) "Loan guarantees in a crisis: an antidote to a credit crunch" by W. Blake Marsh (Federal Reserve Bank of Kansas City) "Heterogeneity in the effect of Covid-19 mortgage forbearance: evidence from large bank servicers" by Lan Shi (Office of the Comptroller of the Currency) |
| 13:00 - 14:30 |
Session 3 – Use of banks' capital buffers Chair: Diana Bonfim (Banco de Portugal) "Usable, useful and used? Buffer usability during the Covid-19 crisis" by Aakriti Mathur (Bank of England) "The usability of bank capital buffers and credit supply shocks at SMEs during the pandemic" by Jose Berrospide (Federal Reserve Board of Governors) |
| 14:50 - 15:20 |
Keynote address Pablo Hernández de Cos, Governor of the Banco de España and Chair of the BCBS (speech) |
| 15:20 - 16:50 |
Session 4 – Interaction of policies supporting bank lending Chair: Stijn Claessens (Bank for International Settlements) "The Covid-19 shock and firm financing: government or market? Or both?" by Miguel Acosta-Henao (Central Bank of Chile) "The Great Lockdown: pandemic response policies and bank lending conditions" by Carlo Altavilla (European Central Bank) |
| 17:10 - 18:30 |
Panel discussion – A cross-country perspective on which policies were effective in stimulating bank lending Moderator: Linda Goldberg (Federal Reserve Bank of New York and IBRN Co-Director) Laura Alfaro (Harvard Business School) (presentation) |
| 18:30 - 18:50 |
Closing remarks Olivier de Bandt (Banque de France and Co-Chair of the BCBS Research Group) |