Credit supply and monetary policy: identifying the bank balance-sheet channel with loan applications

Inclou additional materials: online appendix; data set

Bibliographic Details
Authors: Jiménez Zambrano, Gabriel, Ongena, Steven, Peydró, José-Luis, Saurina, Jesús
Format: article
Status:Published version
Publication Date:2012
Country:España
Institution:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
Repository:Recercat. Dipósit de la Recerca de Catalunya
OAI Identifier:oai:recercat.cat:10230/43180
Online Access:http://hdl.handle.net/10230/43180
http://dx.doi.org/10.1257/aer.102.5.2301
Access Level:Open access
Keyword:Política monetària -- Espanya
Crèdit -- Espanya
Préstecs bancaris -- Espanya
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oai_identifier_str oai:recercat.cat:10230/43180
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spelling Credit supply and monetary policy: identifying the bank balance-sheet channel with loan applicationsJiménez Zambrano, GabrielOngena, StevenPeydró, José-LuisSaurina, JesúsPolítica monetària -- EspanyaCrèdit -- EspanyaPréstecs bancaris -- EspanyaInclou additional materials: online appendix; data setWe 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.American Economic Association201920192012info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfapplication/pdfhttp://hdl.handle.net/10230/43180http://dx.doi.org/10.1257/aer.102.5.2301reponame:Recercat. Dipósit de la Recerca de Catalunyainstname:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)InglésAmerican Economic Review. 2012 Aug;102(5):2301-26© American Economic Association. Can be found at https://doi.org/10.1257/aer.102.5.2301info:eu-repo/semantics/openAccessoai:recercat.cat:10230/431802026-05-29T05:05:01Z
dc.title.none.fl_str_mv Credit supply and monetary policy: identifying the bank balance-sheet channel with loan applications
title Credit supply and monetary policy: identifying the bank balance-sheet channel with loan applications
spellingShingle Credit supply and monetary policy: identifying the bank balance-sheet channel with loan applications
Jiménez Zambrano, Gabriel
Política monetària -- Espanya
Crèdit -- Espanya
Préstecs bancaris -- Espanya
title_short Credit supply and monetary policy: identifying the bank balance-sheet channel with loan applications
title_full Credit supply and monetary policy: identifying the bank balance-sheet channel with loan applications
title_fullStr Credit supply and monetary policy: identifying the bank balance-sheet channel with loan applications
title_full_unstemmed Credit supply and monetary policy: identifying the bank balance-sheet channel with loan applications
title_sort Credit supply and monetary policy: identifying the bank balance-sheet channel with loan applications
dc.creator.none.fl_str_mv Jiménez Zambrano, Gabriel
Ongena, Steven
Peydró, José-Luis
Saurina, Jesús
author Jiménez Zambrano, Gabriel
author_facet Jiménez Zambrano, Gabriel
Ongena, Steven
Peydró, José-Luis
Saurina, Jesús
author_role author
author2 Ongena, Steven
Peydró, José-Luis
Saurina, Jesús
author2_role author
author
author
dc.subject.none.fl_str_mv Política monetària -- Espanya
Crèdit -- Espanya
Préstecs bancaris -- Espanya
topic Política monetària -- Espanya
Crèdit -- Espanya
Préstecs bancaris -- Espanya
description Inclou additional materials: online appendix; data set
publishDate 2012
dc.date.none.fl_str_mv 2012
2019
2019
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv http://hdl.handle.net/10230/43180
http://dx.doi.org/10.1257/aer.102.5.2301
url http://hdl.handle.net/10230/43180
http://dx.doi.org/10.1257/aer.102.5.2301
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv American Economic Review. 2012 Aug;102(5):2301-26
dc.rights.none.fl_str_mv © American Economic Association. Can be found at https://doi.org/10.1257/aer.102.5.2301
info:eu-repo/semantics/openAccess
rights_invalid_str_mv © American Economic Association. Can be found at https://doi.org/10.1257/aer.102.5.2301
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
application/pdf
dc.publisher.none.fl_str_mv American Economic Association
publisher.none.fl_str_mv American Economic Association
dc.source.none.fl_str_mv reponame:Recercat. Dipósit de la Recerca de Catalunya
instname:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
instname_str Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
reponame_str Recercat. Dipósit de la Recerca de Catalunya
collection Recercat. Dipósit de la Recerca de Catalunya
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,811543

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