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The Credit Concentration Channel of Monetary Policy Transmission

April 18, 2019

DECRG Kuala Lumpur Seminar Series

  • I use loan-level data on mortgage applications and the monetary easing of 2008 in the United States to identify the effect of credit concentration on the transmission of monetary policy. Lenders expanded credit less in more concentrated counties. Within counties, lenders with the highest market power had the strongest mitigating impact on credit growth. The credit concentration channel is economically significant and distinct from the deposits channel of monetary policy transmission. Its influence is ubiquitous: it affects both new loans and refinances, operates through both depository and non-depository institutions, and impacts lender supply across the spectrum of market positions.

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  • Adonis Antoniades is an Assistant Professor in the Department of Finance at the National University of Singapore (NUS) Business School. Dr Antoniades conducts empirical research in the fields of banking, corporate finance, and real estate economics. His recent work examines the U.S. commercial banking sector's experience during the Great Recession, providing a refined view on the influence of liquidity and real estate risks on credit supply and bank solvency. Prior to joining NUS, Dr Antoniades was a central banking economist at the Bank for International Settlements and previously at the European Central Bank. As a central banker, he contributed to policy research on financial intermediation and briefed top-level management – including the President of the ECB and the General Manager of the BIS – on banking-related items in his portfolio. He has also worked in the fields of strategy consulting and artificial intelligence.


  • WHEN: Thursday, April 18, 2019; 12:30 -2:00PM
  • WHERE: World Bank Malaysia Office, Level 3, Sasana Kijang, No. 2, Jalan Dato’ Onn
  • RSVP: Kindly RSVP by Wednesday, April 17, 2019