Monetary Transmission Through Credit Channels—Why Lending Standards Matter More Than Rates

通过信贷渠道的货币政策传导：为何放贷标准比利率更重要

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When central banks adjust policy rates, their impact on real economic activity flows primarily through banks’ willingness and ability to lend—not just through interest-sensitive demand.
Lending standards tighten or ease based on banks’ internal risk models, regulatory capital requirements, and their assessment of borrower balance-sheet health—not solely on official rate signals.

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