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Credit Supply and Monetary Policy: Identifying the Bank Balance-Sheet Channel with Loan Applications

Jiménez, Gabriel ; Ongena, Steven ; Peydró, José-Luis ; Saurina, Jesús

The American economic review, 2012-08, Vol.102 (5), p.2301-2326 [Periódico revisado por pares]

Nashville: American Economic Association

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Título:
Credit Supply and Monetary Policy: Identifying the Bank Balance-Sheet Channel with Loan Applications
Autor: Jiménez, Gabriel ; Ongena, Steven ; Peydró, José-Luis ; Saurina, Jesús
Assuntos: Bank assets ; Bank capital ; Bank credit ; Bank lending channels ; Bank liquidity ; Bank loans ; Bank portfolios ; Banking industry ; Borrowing ; Business cycles ; Central banks ; Costs ; Credit ; Crèdit ; Economic activity ; Economic conditions ; Economic theory ; Equity ; Espanya ; Eurozone ; Financial services ; Interest rates ; Liquidity ; Loan rates ; Loans ; Monetary policy ; Política monetària ; Préstecs bancaris ; Retail banking ; Shorter Papers ; Studies ; U.S.A
É parte de: The American economic review, 2012-08, Vol.102 (5), p.2301-2326
Notas: ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
Descrição: 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.
Editor: Nashville: American Economic Association
Idioma: Inglês

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Credit Supply and Monetary Policy: Identifying the Bank Balance-Sheet Channel with Loan Applications

Jiménez, Gabriel ; Ongena, Steven ; Peydró, José-Luis ; Saurina, Jesús

Nashville: American Economic Association

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