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The credit in the Netherlands: evidence from bank balance sheets

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Author Info
Leo De Haan (Bank of the Netherlands - Research Department, P.O. Box 98, 1000 AB Amsterdam, The Netherlands.)

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Abstract

This study contributes to the empirical evidence on the lending channel in the Netherlands using individual bank data. The main conclusion is that a lending channel is operative in the Netherlands. However, it is only operative for unsecured and not for secured lending, possibly because loans with state guarantees get special treatment by banks. Effects of monetary tightening on unsecured lending are more negative for smaller, less liquid and less capitalised banks, in line with the lending channel theory. A contribution of this study is that it gives evidence that the monetary policy impact on bank lending also depends on the market segment in which a bank is active. The evidence suggests that the lending channel is not affecting lending to households as much as it is affecting lending to firms. JEL Classification: E51; E52; G21.

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Paper provided by European Central Bank in its series Working Paper Series with number 098.

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Length: 44 pages
Date of creation: Dec 2001
Date of revision:
Handle: RePEc:ecb:ecbwps:20010098

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Keywords: Monetary policy transmission; bank lending.;

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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.:
  1. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Blackwell Publishing, vol. 58(2), pages 277-97, April. [Downloadable!] (restricted)
  2. Joe Peek & Eric S. Rosengren, 1995. "Is bank lending important for the transmission of monetary policy: an overview," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, pages 1-14. [Downloadable!]
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  3. Anil K. Kashyap & Jeremy C. Stein, 2000. "What Do a Million Observations on Banks Say about the Transmission of Monetary Policy?," American Economic Review, American Economic Association, vol. 90(3), pages 407-428, June. [Downloadable!] (restricted)
  4. Michael Ehrmann & Leonardo Gambacorta & Jorge Martinez-Pages & Patrick Sevestre & Andreas Worms, 2001. "Financial systems and the role of banks in monetary policy transmission in the Euro area," Working Paper Series 105, European Central Bank. [Downloadable!]
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  5. Bernanke, Ben & Gertler, Mark, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Working Papers 95-15, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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  6. Kashyap, Anil K. & Stein, Jeremy C., 1995. "The impact of monetary policy on bank balance sheets," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 42(1), pages 151-195, June. [Downloadable!] (restricted)
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  7. Kakes, Jan, 2000. "Identifying the Mechanism: Is There a Bank Lending Channel of Monetary Transmission in the Netherlands?," Applied Economics Letters, Taylor and Francis Journals, vol. 7(2), pages 63-67, February. [Downloadable!] (restricted)
  8. Paul Louis Ceriel Hilbers, 1998. "Financial Sector Reform and Monetary Policy in the Netherlands," IMF Working Papers 98/19, International Monetary Fund.
  9. Anil K. Kashyap & Jeremy C. Stein, 1997. "The role of banks in monetary policy: a survey with implications for the European Monetary Union," Economic Perspectives, Federal Reserve Bank of Chicago, issue Sep, pages 2-18. [Downloadable!]
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Cited by:
(explanations, 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.)

  1. Reimo Juks, 2004. "The importance of the bank-lending channel in Estonia: evidence from micro-economic data," Bank of Estonia Working Papers 2004-6, Bank of Estonia, revised 11 Nov 2004. [Downloadable!]
  2. Ignazio Angeloni & Benoit Mojon & Anil K. Kashyap & Daniele Terlizzese, 2002. "Monetary transmission in the Euro Area: where do we stand?," Working Paper Series 114, European Central Bank. [Downloadable!]
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