Credit supply and monetary policy: identifying the bank balance-sheet channel with loan applications
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- dc.contributor.author Jiménez Zambrano, Gabriel
- dc.contributor.author Ongena, Steven
- dc.contributor.author Peydró, José-Luis
- dc.contributor.author Saurina, Jesús
- dc.date.accessioned 2019-12-17T09:39:40Z
- dc.date.available 2019-12-17T09:39:40Z
- dc.date.issued 2012
- dc.description Inclou additional materials: online appendix; data set
- 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, especiWe 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.citation Jiménez G, Ongena S, Peydró JL, Saurina J. Credit supply and monetary policy: identifying the bank balance-sheet channel with loan applications. Am Econ Rev. 2012 Aug;102(5):2301-26. DOI: 10.1257/aer.102.5.2301
- dc.identifier.doi http://dx.doi.org/10.1257/aer.102.5.2301
- dc.identifier.issn 0002-8282
- dc.identifier.uri http://hdl.handle.net/10230/43180
- dc.language.iso eng
- dc.publisher American Economic Association
- dc.relation.ispartof American Economic Review. 2012 Aug;102(5):2301-26
- dc.rights © American Economic Association. Can be found at https://doi.org/10.1257/aer.102.5.2301
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.subject.other Política monetària -- Espanya
- dc.subject.other Crèdit -- Espanya
- dc.subject.other Préstecs bancaris -- Espanya
- dc.title Credit supply and monetary policy: identifying the bank balance-sheet channel with loan applications
- dc.type info:eu-repo/semantics/article
- dc.type.version info:eu-repo/semantics/publishedVersion