Paper #1706
- Títol:
- Credit supply and monetary policy: Identifying the bank balance-sheet channel with loan applications
- Autors:
- Gabriel Jimenez, Steven Ongena, José-Luis Peydró i Jesús Saurina
- Data:
- Setembre 2010
- Resum:
- We analyze the impact of monetary policy on the supply of bank credit. Monetary policy affects both loan supply and demand, thus making identification a steep challenge. We therefore analyze a novel, supervisory dataset with loan applications from Spain. Accounting for time-varying firm heterogeneity in loan demand, we find that tighter monetary and worse economic conditions substantially reduce loan granting, especially from banks with lower capital or liquidity ratios; responding to applications for the same loan, weak banks are less likely to grant the loan. Finally, firms cannot offset the resultant credit restriction by applying to other banks.
- Codis JEL:
- E32, E44, E5, G21, G28
- Àrea de Recerca:
- Finances i Comptabilitat
- Publicat a:
- American Economic Review, 102 (5), 2012, 2301-2326
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