{"id":13337,"date":"2026-09-09T10:50:08","date_gmt":"2026-09-09T08:50:08","guid":{"rendered":"https:\/\/gfk-cfs.de\/?p=13337"},"modified":"2026-09-09T11:30:59","modified_gmt":"2026-09-09T09:30:59","slug":"free-lunch-in-banking","status":"publish","type":"post","link":"https:\/\/gfk-cfs.de\/en\/events\/lectures\/free-lunch-in-banking\/","title":{"rendered":"\u201cFree Lunch in Banking\u201d"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1352px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1\"><p>Moderation: <strong>Prof. Dr. Rainer Klump<\/strong>, Director Center for Financial Studies and Goethe University Frankfurt<\/p>\n<p>We find strong evidence of moral hazard in bank behavior under public loan guarantees, using a unique natural experiment in Japan during the COVID-19 pandemic. Specifically, exogenous variations in loan rates occurred across Japan&#8217;s 47 prefectures. This experiment arose from the central government&#8217;s so-called \u201czero-zero\u201d loan program, which was introduced to support small and medium-sized enterprises by providing 100% guarantees on bank loans and full reimbursement of interest expenses. At the same time, prefectural governments independently set limits on loan rates. This institutional setting allows the authors to investigate how banks respond to generous public guarantees and the resulting incentives for bank lending behavior.<\/p>\n<p>The lecture is based based on his new working paper written with Tasuku Sato (Ministry of Finance, Japan).<\/p>\n<p>The event takes place <strong>in person<\/strong> at the <strong>House of Finance<\/strong>, Campus Westend, Goethe University Frankfurt.<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[142],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u201cFree Lunch in Banking\u201d - Center for Financial Studies<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gfk-cfs.de\/en\/events\/lectures\/free-lunch-in-banking\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u201cFree Lunch in Banking\u201d - 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