An Estimation of the TARP Program Efficiency During the US 2008 Crisis

Student: Zhuzhlev Roman

Supervisor: Arkaja Chakraverty

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2018

In this work, the influence of the bailout on lending for each bank is considered, controlling macroeconomic variables and balance sheet indicators. According to the findings of the research, the Capital Purchase Program had a positive effect on the level of lending. Compared to the not assisted banks, the participants of the program on average increased had their lending by 4,2%, holding other variables constant. Besides the direct influence, the effect on the risk-profiles of the assisted banks is analyzed. Despite the concerns of economists, stabilizing the balance sheets of the banks and changing the risk-return profiles also had a positive effect on lending.

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