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Survey evidence of tighter credit conditions: what does it mean?

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  • Stacey L. Schreft
  • Raymond E. Owens

Abstract

Since early 1990, the results of the Federal Reserve Board's Senior Loan Officer Opinion Survey on Bank Lending Practices have been cited frequently as an indicator of general credit availability. Results from the Board's survey suggest that a considerable share of respondent banks were tightening their lending standards during 1990 and early 1991. How should these results be interpreted? This article attempts to answer this question by addressing the nature of the survey, examining the recent responses more closely and comparing recent results to past results.

Suggested Citation

  • Stacey L. Schreft & Raymond E. Owens, 1991. "Survey evidence of tighter credit conditions: what does it mean?," Working Paper 91-05, Federal Reserve Bank of Richmond.
  • Handle: RePEc:fip:fedrwp:91-05
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    References listed on IDEAS

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    1. Stacey L. Schreft, 1990. "Credit controls: 1980," Economic Review, Federal Reserve Bank of Richmond, issue Nov, pages 25-55.
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    Cited by:

    1. de Bondt, Gabe & Maddaloni, Angela & Peydró, José-Luis & Scopel, Silvia, 2010. "The euro area Bank Lending Survey matters: empirical evidence for credit and output growth," Working Paper Series 1160, European Central Bank.
    2. David Rappoport, 2016. "The Effect of Banks' Financial Position on Credit Growth : Evidence from OECD Countries," Finance and Economics Discussion Series 2016-101, Board of Governors of the Federal Reserve System (U.S.).
    3. G. B. Gorton & Ping He, 2008. "Bank Credit Cycles," Review of Economic Studies, Oxford University Press, vol. 75(4), pages 1181-1214.
    4. Chava, Sudheer & Gallmeyer, Michael & Park, Heungju, 2015. "Credit conditions and stock return predictability," Journal of Monetary Economics, Elsevier, vol. 74(C), pages 117-132.
    5. Wheeler, Christopher H. & Olson, Luke M., 2015. "Racial differences in mortgage denials over the housing cycle: Evidence from U.S. metropolitan areas," Journal of Housing Economics, Elsevier, vol. 30(C), pages 33-49.
    6. Alejandro Jara & Carmen Gloria Silva, 2007. "Metodología de la Encuesta sobre Condiciones Generales y Estándares en el Mercado de Crédito Bancario," Economic Statistics Series 57, Central Bank of Chile.
    7. repec:jfr:ijfr11:v:8:y:2017:i:4:p:71-79 is not listed on IDEAS
    8. Ewa Wrobel & Tomasz Lyziak & Jan Przystupa, 2008. "Monetary Policy Transmission in Poland: a Study of the Importance of Interest Rate and Credit Channels," SUERF Studies, SUERF - The European Money and Finance Forum, number 2008/1 edited by Morten Balling.
    9. G.Levieuge, 2015. "the coherence and the predictive content of the French Bank Lending Survey’s indicators (in French)," Working papers 567, Banque de France.
    10. Ákos Bakonyi & Dániel Homolya, 2009. "Backtesting the efficiency of MNB’s Lending Survey," MNB Bulletin (discontinued), Magyar Nemzeti Bank (Central Bank of Hungary), vol. 4(1), pages 6-14, May.
    11. Tomasz Łyziak & Jan Przystupa & Ewa Wróbel, 2008. "Monetary Policy Transmission Poland: A study of the importance of interest rate and credit channels," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
    12. Cara S. Lown & Donald P. Morgan & Sonali Rohatgi, 2000. "Listening to loan officers: the impact of commercial credit standards on lending and output," Economic Policy Review, Federal Reserve Bank of New York, issue Jul, pages 1-16.
    13. Del Giovane, Paolo & Eramo, Ginette & Nobili, Andrea, 2011. "Disentangling demand and supply in credit developments: A survey-based analysis for Italy," Journal of Banking & Finance, Elsevier, vol. 35(10), pages 2719-2732, October.
    14. Bell, Venetia & Pugh, Alice, 2014. "The Bank of England Credit Conditions Survey," Bank of England working papers 515, Bank of England.
    15. Scopel, Silvia & Hempell, Hannah S. & Köhler-Ulbrich, Petra, 2016. "The euro area bank lending survey," Occasional Paper Series 179, European Central Bank.
    16. John A. Weinberg, 1995. "Cycles in lending standards?," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 1-18.
    17. Teodora Paligorova & João A. C. Santos, 2012. "When Is It Less Costly for Risky Firms to Borrow? Evidence from the Bank Risk-Taking Channel of Monetary Policy," Staff Working Papers 12-10, Bank of Canada.
    18. Christian Beer & Walter Waschiczek, 2012. "Analyzing Corporate Loan Growth in Austria Using Bank Lending Survey Data," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 61-80.
    19. William R. Keeton, 1999. "Does faster loan growth lead to higher loan losses?," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 57-75.
    20. Thomas J. Cunningham, 2006. "The predictive power of the Senior Loan Officer Survey: do lending officers know anything special?," FRB Atlanta Working Paper 2006-24, Federal Reserve Bank of Atlanta.
    21. repec:eee:jfinin:v:30:y:2017:i:c:p:35-49 is not listed on IDEAS
    22. Lorenzo Burlon & Davide Fantino & Andrea Nobili & Gabriele Sene, 2016. "The quantity of corporate credit rationing with matched bank-firm data," Temi di discussione (Economic working papers) 1058, Bank of Italy, Economic Research and International Relations Area.
    23. Cara S. Lown & Donald P. Morgan, 2002. "Credit effects in the monetary mechanism," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 217-235.

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    Keywords

    Credit ; Bank loans;

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