Do demand or supply factors drive bank credit, in good and crisis times?
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- dc.contributor.author Jiménez, Gabriel
- dc.contributor.author Ongena, Steven
- dc.contributor.author Peydró, José-Luis
- dc.contributor.author Saurina, Jesús
- dc.date.accessioned 2019-04-12T08:41:38Z
- dc.date.available 2019-04-12T08:41:38Z
- dc.date.issued 2017
- dc.description.abstract We analyze the impact of balance-sheet strength on credit availability. Bank balance sheets are weak in crisis times, but so are those of firms, and credit demand is then also weak. For identification, we exploit an administrative dataset of loan applications matched with bank and firm variables covering Spain from 2002 to 2010. Bank balance-sheet strength determines the granting of loan applications only in crisis times, while firm balance-sheet strength – notably leverage – determines strongly this granting in both good and crisis times. Our findings underscore the importance of the strength of corporate balance sheets over credit supply for credit availability.ca
- dc.description.sponsorship Ongena acknowledges financial support from the European Research Council Advanced Grant (project 740272) and Peydró acknowledges financial support from ECO2015-68182-P (MINECO/FEDER, UE) and from the European Research Council Grant (project 648398).
- dc.format.mimetype application/pdf*
- dc.identifier.uri http://hdl.handle.net/10230/37102
- dc.language.iso catca
- dc.relation.ispartofseries Economic Working Paper Series;1567
- dc.relation.projectID info:eu-repo/grantAgreement/EC/H2020/648398
- dc.relation.projectID info:eu-repo/grantAgreement/EC/H2020/740272
- dc.relation.projectID info:eu-repo/grantAgreement/ES/1PE/ECO2015-68182-P
- dc.rights.accessRights info:eu-repo/semantics/openAccessca
- dc.subject.keyword Firm balance-sheet channel
- dc.subject.keyword Credit demand
- dc.subject.keyword Bank lending channel
- dc.subject.keyword Credit supply
- dc.subject.keyword Business cycle
- dc.subject.keyword Credit crunch
- dc.subject.keyword Leverage
- dc.title Do demand or supply factors drive bank credit, in good and crisis times?ca
- dc.type info:eu-repo/semantics/workingPaperca