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Credit supply: identifying balance-sheet channels with loan applications and granted loans

Author

Listed:
  • Gabriel Jiménez

    () (Banco de España)

  • Steven Ongena

    () (Center–Tilburg University and CEPR)

  • José-Luis Peydró

    () (European Central Bank)

  • Jesús Saurina

    () (Banco de España)

Abstract

To identify credit availability we analyze the extensive and intensive margins of lending with loan applications and all loans granted in Spain. We find that during the period analyzed both worse economic and tighter monetary conditions reduce loan granting, especially to firms or from banks with lower capital or liquidity ratios. Moreover, responding to applications for the same loan, weak banks are less likely to grant the loan. Our results suggest that firms cannot offset the resultant credit restriction by turning to other banks. Importantly the bank-lending channel is notably stronger when we account for unobserved time-varying firm heterogeneity in loan demand and quality.

Suggested Citation

  • Gabriel Jiménez & Steven Ongena & José-Luis Peydró & Jesús Saurina, 2010. "Credit supply: identifying balance-sheet channels with loan applications and granted loans," Working Papers 1030, Banco de España;Working Papers Homepage.
    • Handle: RePEc:bde:wpaper:1030
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    Cited by:

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    2. Silvia Del Prete & Marcello Pagnini & Paola Rossi & Valerio Vacca, 2017. "Lending organization and credit supply during the 2008-09 crisis," Temi di discussione (Economic working papers) 1108, Bank of Italy, Economic Research and International Relations Area.
    3. Coffinet, Jérôme & Coudert, Virginie & Pop, Adrian & Pouvelle, Cyril, 2012. "Two-way interplays between capital buffers and credit growth: Evidence from French banks," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 22(5), pages 1110-1125.
    4. Athanasoglou, Panayiotis P. & Daniilidis, Ioannis & Delis, Manthos D., 2014. "Bank procyclicality and output: Issues and policies," Journal of Economics and Business, Elsevier, vol. 72(C), pages 58-83.
    5. Bruno Martins & Ricardo Schechtman, 2013. "Too Rich to Let Me Fail?," Documentos de Investigación - Research Papers 13, Centro de Estudios Monetarios Latinoamericanos, CEMLA.
    6. Puri, Manju & Rocholl, Jörg & Steffen, Sascha, 2011. "Global retail lending in the aftermath of the US financial crisis: Distinguishing between supply and demand effects," Journal of Financial Economics, Elsevier, vol. 100(3), pages 556-578, June.
    7. Ruslan Aliyev & Dana Hajkova & Ivana Kubicova, 2015. "The Impact of Monetary Policy on Financing of Czech Firms," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 65(6), pages 455-476, December.
    8. Cotugno, Matteo & Monferrà, Stefano & Sampagnaro, Gabriele, 2013. "Relationship lending, hierarchical distance and credit tightening: Evidence from the financial crisis," Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1372-1385.
    9. Ostergaard, Charlotte & Sasson, Amir & Sørensen, Bent E, 2011. "The marginal value of cash, cash flow sensitivities, and bank-finance shocks in nonlisted firms," CEPR Discussion Papers 8278, C.E.P.R. Discussion Papers.
    10. Christa Hainz, 2011. "Measuring Information Sharing in Credit Markets," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 9(1), pages 21-27, 05.
    11. Pavla Vodová, 2012. "Liquidity of Czech and Slovak commercial banks," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 60(7), pages 463-476.
    12. Andrea Linarello & Andrea Petrella & Enrico Sette, 2019. "Allocative Efficiency and Finance," Questioni di Economia e Finanza (Occasional Papers) 487, Bank of Italy, Economic Research and International Relations Area.
    13. repec:ces:ifodic:v:9:y:2011:i:1:p:15790752 is not listed on IDEAS
    14. Horváth, Roman & Podpiera, Anca, 2012. "Heterogeneity in bank pricing policies: The Czech evidence," Economic Systems, Elsevier, vol. 36(1), pages 87-108.
    15. Narcissa Balta & Bořek Vašíček, 2020. "Financial channels and economic activity in the euro area: a large-scale Bayesian VAR approach," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 47(2), pages 431-451, May.
    16. Kobayashi, Teruyoshi, 2011. "Firm entry, credit availability and monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 35(8), pages 1245-1272, August.
    17. Petr Korab, 2016. "Access to Credit and Unconventional Monetary policy in the Eurozone after the Financial Crisis," MENDELU Working Papers in Business and Economics 2016-68, Mendel University in Brno, Faculty of Business and Economics.
    18. Junxun Dai, 2013. "Capital Constraints and the Credit Structure of Commercial Banks: Evidence from China," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 109-123, December.
    19. Christa Hainz, 2011. "Measuring Information Sharing in Credit Markets," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 9(01), pages 21-27, May.
    20. Panayiotis P. Athanasoglou & Ioannis Daniilidis, 2011. "Procyclicality in the banking industry: causes, consequences and response," Working Papers 139, Bank of Greece.
    21. Milcheva, Stanimira, 2013. "A bank lending channel or a credit supply shock?," Journal of Macroeconomics, Elsevier, vol. 37(C), pages 314-332.

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    More about this item

    Keywords

    non-financial and financial borrower balance-sheet channels; financial accelerator; firm borrowing capacity; credit supply; business cycle; monetary policy; credit channel; net worth; capital; liquidity; 2007-09 crisis;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • 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
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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