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What is the impact of central bank on banks’ lending policy with respect to the corporate sector? Evidence from SLOOS for Poland

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  • Ewa Wróbel

    (Narodowy Bank Polski)

Abstract

The paper shows how central bank impacts credit policy of the banking sector. Using aggregate data from the “Senior loan officer survey” and SVAR models with non-recursive decomposition, it analyses effects of short-term interest rate innovations on loan standards, terms and conditions for shortand long-term loans for various types of enterprises. It finds that shocks to the monetary policy are amplified by the operation of the lending channel and that the reactions of standards on long-term loans for small and medium sized enterprises are somewhat more pronounced than those on loans for large entities. Loans for investment are affected by credit standards to a certain degree, other types of loans, such as loans on current account and loans for financing working capital as well as for real property acquisition tend to respond to the interest rate. Recursive factorizations may over-estimate the role of the credit channel.

Suggested Citation

  • Ewa Wróbel, 2018. "What is the impact of central bank on banks’ lending policy with respect to the corporate sector? Evidence from SLOOS for Poland," Bank i Kredyt, Narodowy Bank Polski, vol. 49(6), pages 595-638.
    • Handle: RePEc:nbp:nbpbik:v:49:y:2018:i:6:p:595-638
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    File URL: https://bankikredyt.nbp.pl/content/2018/06/BIK_06_2018_02.pdf
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    More about this item

    Keywords

    monetary policy transmission; credit standards and credit terms; bank survey; recursive and non-recursive decompositions;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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