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Do Demand or Supply Factors Drive Bank Credit, in Good and Crisis Times?

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  • Gabriel Jiménez
  • Steven Ongena
  • José-Luis Peydró
  • Jesús Saurina

Abstract

We analyze the impact of balance-sheet strength on credit availability. Bank balance sheets are weak in crisis times, but so are those of firms, and credit demand is then also weak. For identification, we exploit an administrative dataset of loan applications matched with bank and firm variables covering Spain from 2002 to 2010. Bank balance-sheet strength determines the granting of loan applications only in crisis times, while firm balance-sheet strength – notably leverage – determines strongly this granting in both good and crisis times. Our findings underscore the importance of the strength of corporate balance sheets over credit supply for credit availability.

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  • Gabriel Jiménez & Steven Ongena & José-Luis Peydró & Jesús Saurina, 2017. "Do Demand or Supply Factors Drive Bank Credit, in Good and Crisis Times?," Working Papers 966, Barcelona Graduate School of Economics.
    • Handle: RePEc:bge:wpaper:966
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    6. Anne-Laure Delatte & Pranav Garg & Jean Imbs, 2019. "The transmission channels of unconventional monetary policy: Evidence from a change in collateral requirements in France," Working Papers 2019-07, CEPII research center.
    7. Cahn, Christophe & Duquerroy, Anne & Mullins, William, 2017. "Unconventional Monetary Policy and Bank Lending Relationships," SocArXiv vgk25, Center for Open Science.
    8. Kolev, Atanas & Maurin, Laurent & Ségol, Matthieu, 2019. "What firms don't like about bank loans: New evidence from survey data," EIB Working Papers 2019/07, European Investment Bank (EIB).
    9. Jiaming Soh, 2019. "Disentangling the Supply and Demand Factors of Household Credit in Malaysia: Evidence from the Credit Register," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Are post-crisis statistical initiatives completed?, volume 49, Bank for International Settlements.
    10. Rodrigo Barbone Gonzalez, 2019. "Monetary policy surprises and employment: evidence from matched bank-firm loan data on the bank lending-channel," BIS Working Papers 799, Bank for International Settlements.
    11. Sánchez Serrano, Antonio, 2021. "The impact of non-performing loans on bank lending in Europe: An empirical analysis," The North American Journal of Economics and Finance, Elsevier, vol. 55(C).
    12. Martin Hodula & Simona Malovana & Jan Frait, 2019. "Too Much of a Good Thing? Households' Macroeconomic Conditions and Credit Dynamics," Working Papers 2019/11, Czech National Bank.
    13. McQuinn, John, 2019. "SME access to finance in Europe: structural change and the legacy of the crisis," Research Technical Papers 10/RT/19, Central Bank of Ireland.
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    More about this item

    Keywords

    firm balance-sheet channel; credit demand; bank lending channel; credit supply; business cycle; credit crunch; leverage;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G01 - Financial Economics - - General - - - Financial Crises
    • 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
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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