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Domestic Credit in Times of Supervision: an Empirical Investigation of European Countries

Author

Listed:
  • Thomas Jobert

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur)

  • Alexandru Monahov
  • Anna Tykhonenko

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur)

Abstract

We study the impact of prudential supervision on domestic credit in 27 European countries throughout 1999-2012. We use the Empirical Iterative Bayes estimator to account for country heterogeneity. We find: (i) the interest rate not to be a fundamental variable in explaining domestic credit, (ii) negative relations between credit sensitivity to past investment and to financial dependence, (iii) that the effects of supervision on credit differ by country, but (iv) that it is possible to achieve an increase in supervisory stringency with positive effects on credit in the context of unified financial supervision.

Suggested Citation

  • Thomas Jobert & Alexandru Monahov & Anna Tykhonenko, 2015. "Domestic Credit in Times of Supervision: an Empirical Investigation of European Countries," Working Papers halshs-01295606, HAL.
    • Handle: RePEc:hal:wpaper:halshs-01295606
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    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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