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Lending Cycles

Author

Listed:
  • Patrick Asea

    (UCLA & NBER)

  • S. Brook Blomberg

    (Wellesley College)

Abstract

We investigate the lending behavior of banks by exploiting a rich oanel dataset on the contract terms of approximately two million commercial and industrial loans granted by 580 banks between 1977-1993. Using a Markov switching panel model we demonstrate that banks change their lending standards - from tightness to laxity - systematically over the cycle. We then use an efficient minimum chi-square estimator.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Patrick Asea & S. Brook Blomberg, 1997. "Lending Cycles," UCLA Economics Working Papers 764, UCLA Department of Economics.
    • Handle: RePEc:cla:uclawp:764
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    File URL: http://www.econ.ucla.edu/workingpapers/wp764.pdf
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    More about this item

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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