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Kreditklemme in Deutschland: Mythos oder Realität?

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  • Burcu Erdogan

Abstract

The availability of credit has been an issue of particular concern in Germany during the financial meltdown of 2008-2009. The contraction of loans, especially business loans, together with an ongoing recession led to growing fears about an upcoming shortage in lending. This study analyses the existence of a possible "credit crunch" in Germany until the end of 2009 by utilizing a disequilibrium model. The downward course of credit growth might be due to both weak demand for loans stemming from recession and supply side factors. Hence, we attempt to disentangle credit supply from demand with a disequilibrium model using quarterly data from Q1 1991 to Q4 2009. At the beginning of 2007, we observe a significant supply dependent credit shortage. Liquidity injected in the German banking system has helped to overcome credit tightening, especially towards the end of 2008.There is evidence that credit markets returned to equilibrium in Germany at the end of 2009. However, this equilibrium was still fragile. Any further deterioration of the equity capital of banks could have resulted in a supply-driven credit crunch, which would have circumvented an economic recovery. Die Kreditversorgung war im Zuge der Finanzkrise von 2008/2009 insbesondere in Deutschland Gegenstand großer Besorgnis. Die Verknappung von Krediten, besonders von Geschäftskrediten, in Kombination mit der anhaltenden Rezession führte zu einer wachsenden Furcht vor einer Kreditklemme. Dieser Beitrag analysiert die mögliche Existenz einer Kreditklemme für den Zeitraum bis Ende 2009 unter Verwendung eines Ungleichgewichtsmodells. Einer Abschwächung des Kreditwachstums können sowohl eine, rezessionsbedingt, schwache Kreditnachfrage, als auch angebotsseitige Faktoren zugrunde liegen. In diesem Beitrag werden für den Zeitraum zwischen 1991 und 2009 Kreditangebot und -nachfrage entflochten und getrennt voneinander analysiert. Das Modell weist auf eine vorübergehende angebotsseitige Verknappung der Kreditvergabe zu Beginn des Jahres 2007 hin. Die Zuführung von Liquidität in das deutsche Bankensystem im Rahmen der geldpolitischen Stützungsmaßnahmen der EZB hat jedoch schließlich geholfen, die Kreditverknappung zum Ende des Jahres 2008 zu überwinden. Des Weiteren zeigt die Schätzung des Ungleichgewichtsmodells, dass sich die Kreditmärkte zum Ende des Jahres 2009 wieder im Gleichgewicht befanden, auch wenn dieses Gleichgewicht fragil blieb. So hätte zu diesem Zeitpunkt eine weitere Verringerung des Eigenkapitals der deutschen Banken eine Kreditklemme mit entsprechenden Folgen für die konjunkturelle Erholung nach sich ziehen können.

Suggested Citation

  • Burcu Erdogan, 2010. "Kreditklemme in Deutschland: Mythos oder Realität?," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 79(4), pages 27-37.
    • Handle: RePEc:diw:diwvjh:79-4-3
    DOI: 10.3790/vjh.79.4.27
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    References listed on IDEAS

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    1. Bernanke, Ben & Gertler, Mark & Gilchrist, Simon, 1996. "The Financial Accelerator and the Flight to Quality," The Review of Economics and Statistics, MIT Press, vol. 78(1), pages 1-15, February.
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    Cited by:

    1. Stephan, Johannes, 2014. "War die Ausweitung der staatlichen Beihilfen für die Realwirtschaft im Gefolge der Finanzkrise markttheoretisch angezeigt?," Beiträge zur Jahrestagung 2014 (Goettingen) 107396, Verein für Socialpolitik, Ausschuss für Wirtschaftssysteme und Institutionenökonomik.
    2. Torsten Schmidt & Lina Zwick, 2012. "In Search for a Credit Crunch in Germany," Ruhr Economic Papers 0361, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
    3. repec:zbw:rwirep:0361 is not listed on IDEAS
    4. Bofinger, Peter & Maas, Daniel & Ries, Mathias, 2017. "A model of the market for bank credit: The case of Germany," W.E.P. - Würzburg Economic Papers 98, University of Würzburg, Department of Economics.
    5. Schmidt, Torsten & Zwick, Lina, 2012. "In Search for a Credit Crunch in Germany," Ruhr Economic Papers 361, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.

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    Keywords

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    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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