Credit supply and monetary policy: Identifying the bank balance-sheet channel with loan applications
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- dc.contributor.author Jimenez, Gabriel
- dc.contributor.author Ongena, Steven
- dc.contributor.author Peydró, José-Luis
- dc.contributor.author Saurina, Jesús
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2020-05-25T09:27:09Z
- dc.date.available 2020-05-25T09:27:09Z
- dc.date.issued 2010-09-01
- dc.date.modified 2020-05-25T09:26:25Z
- dc.description.abstract 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.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1706
- dc.identifier.citation American Economic Review, 102 (5), 2012, 2301-2326
- dc.identifier.uri http://hdl.handle.net/10230/44791
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1706
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword
- dc.subject.keyword Finance and Accounting
- dc.title Credit supply and monetary policy: Identifying the bank balance-sheet channel with loan applications
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper