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Survey evidence of tighter credit conditions: what does it mean?

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  • Stacey L. Schreft
  • Raymond E. Owens

Abstract

Since early 1990, the results of the Federal Reserve Board's Senior Loan Officer Opinion Survey on Bank Lending Practices have been cited frequently as an indicator of general credit availability. Results from the Board's survey suggest that a considerable share of respondent banks were tightening their lending standards during 1990 and early 1991. How should these results be interpreted? This article attempts to answer this question by addressing the nature of the survey, examining the recent responses more closely and comparing recent results to past results.

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Bibliographic Info

Paper provided by Federal Reserve Bank of Richmond in its series Working Paper with number 91-05.

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Date of creation: 1991
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Handle: RePEc:fip:fedrwp:91-05

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Keywords: Credit ; Bank loans;

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References

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  1. Stacey L. Schreft, 1990. "Credit controls: 1980," Economic Review, Federal Reserve Bank of Richmond, issue Nov, pages 25-55.
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Cited by:
  1. 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.
  2. Cara S. Lown & Donald P. Morgan & Sonali Rohatgi, 2000. "Listening to loan officers: the impact of commercial credit standards on lending and output," Economic Policy Review, Federal Reserve Bank of New York, issue Jul, pages 1-16.
  3. Teodora Paligorova & João A. C. Santos, 2012. "When Is It Less Costly for Risky Firms to Borrow? Evidence from the Bank Risk-Taking Channel of Monetary Policy," Working Papers 12-10, Bank of Canada.
  4. Cara S. Lown & Donald P. Morgan, 2002. "Credit effects in the monetary mechanism," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 217-235.
  5. G. B. Gorton & Ping He, 2008. "Bank Credit Cycles," Review of Economic Studies, Oxford University Press, vol. 75(4), pages 1181-1214.
  6. 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.
  7. Ákos Bakonyi & Dániel Homolya, 2009. "Backtesting the efficiency of MNB’s Lending Survey," MNB Bulletin, Magyar Nemzeti Bank (the central bank of Hungary), vol. 4(1), pages 6-14, May.
  8. Christian Beer & Walter Waschiczek, 2012. "Analyzing Corporate Loan Growth in Austria Using Bank Lending Survey Data," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 61–80.
  9. Ewa Wrobel & Tomasz Lyziak & Jan Przystupa, 2008. "Monetary Policy Transmission in Poland: a Study of the Importance of Interest Rate and Credit Channels," SUERF Studies, SUERF - The European Money and Finance Forum, number 2008/1 edited by Morten Balling.
  10. Tomasz Åyziak & Jan Przystupa & Ewa Wróbel, 2008. "Monetary Policy Transmission Poland: A study of the importance of interest rate and credit channels," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  11. Paolo Del Giovane & Ginette Eramo & Andrea Nobili, 2010. "Disentangling demand and supply in credit developments: a survey-based analysis for Italy," Temi di discussione (Economic working papers) 764, Bank of Italy, Economic Research and International Relations Area.
  12. John A. Weinberg, 1995. "Cycles in lending standards?," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 1-18.
  13. Alejandro Jara & Carmen Gloria Silva, 2007. "Metodología de la Encuesta sobre Condiciones Generales y Estándares en el Mercado de Crédito Bancario," Economic Statistics Series 57, Central Bank of Chile.

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