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Is There a Bank Lending Channel of Monetary Policy in Spain?

  • Ignacio Hernando

    (Banco de España)

  • Jorge Martínez Pagés

    (Banco de España)

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    This paper uses panel data on banks, for the period 1991-98, to test the existence of a banklending channel in the Spanish economy. In order to distinguish between loan demand and supply movements, several exercises are performed. First, we analyse the differential responses, to monetary policy changes, of bank lending by banks with different size, liquidity and capitalisation. Second, we analyse the response to an exogenous deposit-reducing shock (a taxinduced shift from deposits to mutual fund shares). As this involves a pure loan supply shock, it best solves the above-mentioned identification problem. Our results are mostly against the existence of a bank-lending channel in the period under analysis. This result appears to be related to the important role of many small banks as collectors of savings, meaning they have a large volume of resources available for lending.

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    File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/01/Fic/dt0117e.pdf
    File Function: First version, 2001
    Download Restriction: no

    Paper provided by Banco de Espa�a in its series Banco de Espa�a Working Papers with number 0117.

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    Length: 43 pages
    Date of creation: 2001
    Date of revision:
    Handle: RePEc:bde:wpaper:0117
    Contact details of provider: Web page: http://www.bde.es/Email:


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