Advanced Search
MyIDEAS: Login to save this article or follow this journal

Analyzing Corporate Loan Growth in Austria Using Bank Lending Survey Data

Contents:

Author Info

  • Christian Beer

    ()
    (Oesterreichische Nationalbank, Economic Analysis Division)

  • Walter Waschiczek

    ()
    (Oesterreichische Nationalbank, Economic Analysis Division)

Registered author(s):

    Abstract

    This paper contributes to the emerging literature that makes use of Bank Lending Survey (BLS) data to shed light on the determinants of the growth of loans to enterprises. We examine the relationship between loan growth and information from the BLS using Bayesian model averaging. Our results suggest that in Austria volumes of corporate loans mainly react to changes in demand whereas supply effects play only a minor role. Moreover, the current crisis did not impair bank lending to enterprises beyond its influence on credit standards and loan demand. We find no indication for a credit crunch as defined by Bernanke and Lown (1991) in Austria. The evidence is less clear with regard to the broader definition of credit crunch by Owens and Schreft (1993) that also takes into account non-price conditions. In addition, this paper discusses the concept of credit standards and some methodical issues that have to be taken into account when using BLS data to analyze loan developments.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.oenb.at/dms/oenb/Publikationen/Volkswirtschaft/Monetary-Policy-and-the-Economy/2012/Monetary-Policy-and-the-Economy-Q2-12/chapters/mop_2012_q2_analyse03_tcm16-249561.pdf
    Download Restriction: no

    Bibliographic Info

    Article provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Monetary Policy & the Economy.

    Volume (Year): (2012)
    Issue (Month): 2 ()
    Pages: 61–80

    as in new window
    Handle: RePEc:onb:oenbmp:y:2012:i:2:b:3

    Contact details of provider:
    Postal: P.O. Box 61, A-1011 Vienna, Austria
    Phone: +43/1/404 20 7405
    Fax: +43/1/404 20 7499
    Email:
    Web page: http://www.oenb.at
    More information through EDIRC

    Order Information:
    Postal: Oesterreichische Nationalbank, Documentation Management and Communications Services, Otto-Wagner Platz 3, A-1090 Vienna, Austria
    Email:

    Related research

    Keywords: credit; lending standards; loan demand; bank lending survey;

    Find related papers by JEL classification:

    References

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. Allen N. Berger & Gregory F. Udell, 2003. "The institutional memory hypothesis and the procyclicality of bank lending behaviour," BIS Working Papers 125, Bank for International Settlements.
    2. Ciccarelli, Matteo & Peydró, José-Luis & Maddaloni, Angela, 2010. "Trusting the bankers: a new look at the credit channel of monetary policy," Working Paper Series 1228, European Central Bank.
    3. Stacey L. Schreft & Raymond E. Owens, 1991. "Survey evidence of tighter credit conditions: what does it mean?," Economic Review, Federal Reserve Bank of Richmond, issue Mar, pages 29-34.
    4. Lown, Cara & Morgan, Donald P., 2006. "The Credit Cycle and the Business Cycle: New Findings Using the Loan Officer Opinion Survey," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(6), pages 1575-1597, September.
    5. Enrique Moral-Benito, 2010. "Model Averaging In Economics," Working Papers wp2010_1008, CEMFI.
    6. Angela Maddaloni, 2011. "Bank Risk-taking, Securitization, Supervision, and Low Interest Rates: Evidence from the Euro-area and the U.S. Lending Standards," Review of Financial Studies, Society for Financial Studies, vol. 24(6), pages 2121-2165.
    7. Thomas J. Cunningham, 2006. "The predictive power of the Senior Loan Officer Survey: do lending officers know anything special?," Working Paper 2006-24, Federal Reserve Bank of Atlanta.
    8. Jesper Berg & Annalisa Ferrando & Gabe de Bondt & Silvia Scopel, 2005. "The bank lending survey for the euro area," Occasional Paper Series 23, European Central Bank.
    9. de Bondt, Gabe & Maddaloni, Angela & Peydró, José-Luis & Scopel, Silvia, 2010. "The euro area Bank Lending Survey matters: empirical evidence for credit and output growth," Working Paper Series 1160, European Central Bank.
    10. Ben S. Bernanke & Cara S. Lown, 1991. "The Credit Crunch," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(2), pages 205-248.
    11. Tamim Bayoumi & Ola Melander, 2008. "Credit Matters," IMF Working Papers 08/169, International Monetary Fund.
    12. Martin Feldkircher & Stefan Zeugner, 2009. "Benchmark Priors Revisited:on Adaptive Shrinkage and the Supermodel Effect in Bayesian Model Averaging," IMF Working Papers 09/202, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:onb:oenbmp:y:2012:i:2:b:3. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Claudia Kwapil).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.