5 See Borio, C. and H. Zhu, (2012), “Capital regulation, risk-taking and monetary policy: A missing link in the  transmission mechanism?”, Journal of Financial Stability, 8(4): 236–251. 6 For empirical evidence, see e.g.
Jiménez, G., Ongena, S., Peydró, J.-L., and Saurina, J., (2014), “Hazardous  Times for Monetary Policy: What do Twenty-Three Million Bank Loans Say about the Effects of Monetary Policy on Credit Risk-Taking?”, Econometrica, 82(2), 463–505; Maddaloni, A., and Peydró, J.-L., (2011), “Bank RiskTaking, Securitisation, Supervision and Low Interest Rates: Evidence from the Euro-area and the U.S.