Cyclicality of Credit Supply: Firm Level Evidence
Author
Abstract
Suggested Citation
Note: CF
Download full text from publisher
Other versions of this item:
- Becker, Bo & Ivashina, Victoria, 2014. "Cyclicality of credit supply: Firm level evidence," Journal of Monetary Economics, Elsevier, vol. 62(C), pages 76-93.
References listed on IDEAS
- Bengt Holmstrom & Jean Tirole, 1997.
"Financial Intermediation, Loanable Funds, and The Real Sector,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 112(3), pages 663-691.
- Bengt Holmstrom & Jean Tirole, 1994. "Financial Intermediation, Loanable Funds and the Real Sector," Working papers 95-1, Massachusetts Institute of Technology (MIT), Department of Economics.
- Holmström, Bengt & Tirole, Jean, 1994. "Financial Intermediation, Loanable Funds and the Real Sector," IDEI Working Papers 40, Institut d'Économie Industrielle (IDEI), Toulouse.
- Kiyotaki, Nobuhiro & Moore, John, 1997.
"Credit Cycles,"
Journal of Political Economy, University of Chicago Press, vol. 105(2), pages 211-248, April.
- John Moore & Nobuhiro Kiyotaki, "undated". "Credit Cycles," Discussion Papers 1995-5, Edinburgh School of Economics, University of Edinburgh.
- Nobuhiro Kiyotaki & John Moore, 1995. "Credit Cycles," NBER Working Papers 5083, National Bureau of Economic Research, Inc.
- Chemmanur, Thomas J & Fulghieri, Paolo, 1994.
"Reputation, Renegotiation, and the Choice between Bank Loans and Publicly Traded Debt,"
The Review of Financial Studies, Society for Financial Studies, vol. 7(3), pages 475-506.
- Chemmanur, T.J. & Fulghieri, P., 1992. "Reputation, Renegotiation, and the Choice Between Bank Loans and Publicity Traded Debt," Papers 92-24, Columbia - Graduate School of Business.
- Becker, Bo, 2007. "Geographical segmentation of US capital markets," Journal of Financial Economics, Elsevier, vol. 85(1), pages 151-178, July.
- Hale, Galina & Santos, João A.C., 2009.
"Do banks price their informational monopoly?,"
Journal of Financial Economics, Elsevier, vol. 93(2), pages 185-206, August.
- Galina Hale & João A. C. Santos, 2008. "Do banks price their informational monopoly?," Working Paper Series 2008-14, Federal Reserve Bank of San Francisco.
- Bernanke, Ben & Gertler, Mark, 1989.
"Agency Costs, Net Worth, and Business Fluctuations,"
American Economic Review, American Economic Association, vol. 79(1), pages 14-31, March.
- Bernanke, Ben & Gertler, Mark, 1988. "Agency Costs, Net Worth, And Business Fluctuations," SSRI Workshop Series 292693, University of Wisconsin-Madison, Social Systems Research Institute.
- Koijen, Ralph S.J. & Hemert, Otto Van & Nieuwerburgh, Stijn Van, 2009.
"Mortgage timing,"
Journal of Financial Economics, Elsevier, vol. 93(2), pages 292-324, August.
- Ralph S.J. Koijen & Otto Van Hemert & Stijn Van Nieuwerburgh, 2007. "Mortgage Timing," NBER Working Papers 13361, National Bureau of Economic Research, Inc.
- Kashyap, Anil K & Stein, Jeremy C & Wilcox, David W, 1993.
"Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance,"
American Economic Review, American Economic Association, vol. 83(1), pages 78-98, March.
- Anil K. Kashyap & Jeremy C. Stein & David W. Wilcox, 1991. "Monetary policy and credit conditions: evidence from the composition of external finance," Finance and Economics Discussion Series 154, Board of Governors of the Federal Reserve System (U.S.).
- Anil K. Kashyap & Jeremy C. Stein & David W. Wilcox, 1992. "Monetary Policy and Credit Conditions: Evidence From the Composition of External Finance," NBER Working Papers 4015, National Bureau of Economic Research, Inc.
- Anil K Kashyap & Owen A. Lamont & Jeremy C. Stein, 1994.
"Credit Conditions and the Cyclical Behavior of Inventories,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 109(3), pages 565-592.
- Anil K. Kashyap & Owen A. Lamont & Jeremy C. Stein, 1993. "Credit conditions and the cyclical behavior of inventories," Working Paper Series, Macroeconomic Issues 93-7, Federal Reserve Bank of Chicago.
- Rajan, Raghuram G, 1992. "Insiders and Outsiders: The Choice between Informed and Arm's-Length Debt," Journal of Finance, American Finance Association, vol. 47(4), pages 1367-1400, September.
- Diamond, Douglas W, 1991. "Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt," Journal of Political Economy, University of Chicago Press, vol. 99(4), pages 689-721, August.
- Eric S. Rosengren & Joe Peek, 2000. "Collateral Damage: Effects of the Japanese Bank Crisis on Real Activity in the United States," American Economic Review, American Economic Association, vol. 90(1), pages 30-45, March.
- Christina D. Romer & David H. Romer, 2004.
"A New Measure of Monetary Shocks: Derivation and Implications,"
American Economic Review, American Economic Association, vol. 94(4), pages 1055-1084, September.
- Christina D. Romer & David H. Romer, 2003. "A New Measure of Monetary Shocks: Derivation and Implications," NBER Working Papers 9866, National Bureau of Economic Research, Inc.
- Bolton, Patrick & Scharfstein, David S, 1996. "Optimal Debt Structure and the Number of Creditors," Journal of Political Economy, University of Chicago Press, vol. 104(1), pages 1-25, February.
- Ivashina, Victoria & Scharfstein, David, 2010. "Bank lending during the financial crisis of 2008," Journal of Financial Economics, Elsevier, vol. 97(3), pages 319-338, September.
- Estrella, Arturo & Hardouvelis, Gikas A, 1991.
"The Term Structure as a Predictor of Real Economic Activity,"
Journal of Finance, American Finance Association, vol. 46(2), pages 555-576, June.
- Arturo Estrella & Gikas A. Hardouvelis, 1989. "The term structure as a predictor of real economic activity," Research Paper 8907, Federal Reserve Bank of New York.
- Adam B. Ashcraft, 2005.
"Are Banks Really Special? New Evidence from the FDIC-Induced Failure of Healthy Banks,"
American Economic Review, American Economic Association, vol. 95(5), pages 1712-1730, December.
- Adam B. Ashcraft, 2003. "Are banks really special? New evidence from the FDIC-induced failure of healthy banks," Staff Reports 176, Federal Reserve Bank of New York.
- Johnson, Shane A., 1997. "An Empirical Analysis of the Determinants of Corporate Debt Ownership Structure," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 32(1), pages 47-69, March.
- Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
- Oliner, Stephen D & Rudebusch, Glenn D, 1996. "Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance: Comment," American Economic Review, American Economic Association, vol. 86(1), pages 300-309, March.
- Fama, Eugene F. & French, Kenneth R., 1997. "Industry costs of equity," Journal of Financial Economics, Elsevier, vol. 43(2), pages 153-193, February.
- Jeremy C. Stein & Anil K. Kashyap, 2000. "What Do a Million Observations on Banks Say about the Transmission of Monetary Policy?," American Economic Review, American Economic Association, vol. 90(3), pages 407-428, June.
- Hale, Galina & Santos, João A.C., 2008. "The decision to first enter the public bond market: The role of firm reputation, funding choices, and bank relationships," Journal of Banking & Finance, Elsevier, vol. 32(9), pages 1928-1940, September.
- Chava, Sudheer & Purnanandam, Amiyatosh, 2011.
"The effect of banking crisis on bank-dependent borrowers,"
Journal of Financial Economics, Elsevier, vol. 99(1), pages 116-135, January.
- Sudheer Chava & Amiyatosh Purnanandam, 2006. "The effect of a banking crisis on bank-dependent borrowers," Proceedings 1030, Federal Reserve Bank of Chicago.
- Kashyap, Anil K & Stein, Jeremy C & Wilcox, David W, 1996. "Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance: Reply," American Economic Review, American Economic Association, vol. 86(1), pages 310-314, March.
- Mr. Christopher W. Crowe & Mr. S. Mahdi Barakchian, 2010. "Monetary Policy Matters: New Evidence Basedon a New Shock Measure," IMF Working Papers 2010/230, International Monetary Fund.
- Mark T. Leary, 2009. "Bank Loan Supply, Lender Choice, and Corporate Capital Structure," Journal of Finance, American Finance Association, vol. 64(3), pages 1143-1185, June.
- Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
- Ramey, Valerie A., 1992.
"The source of fluctuations in money : Evidence from trade credit,"
Journal of Monetary Economics, Elsevier, vol. 30(2), pages 171-193, November.
- Valerie A. Ramey, 1991. "The Source of Fluctuations in Money: Evidence From Trade Credit," NBER Working Papers 3756, National Bureau of Economic Research, Inc.
- Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Ozan Güler & Mike Mariathasan & Klaas Mulier & Nejat G. Okatan, 2021. "The real effects of banks' corporate credit supply: A literature review," Economic Inquiry, Western Economic Association International, vol. 59(3), pages 1252-1285, July.
- Sangyup Choi, 2018. "Bank Lending Standards, Loan Demand, and the Macroeconomy: Evidence from the Emerging Market Bank Loan Officer Survey," Working papers 2018rwp-126, Yonsei University, Yonsei Economics Research Institute.
- Rhys Bidder & John Krainer & Adam Shapiro, 2021.
"De-leveraging or de-risking? How banks cope with loss,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 39, pages 100-127, January.
- Rhys M. Bidder & John Krainer & Adam Hale Shapiro, 2019. "De-leveraging or De-risking? How Banks Cope with Loss," Working Paper Series 2017-3, Federal Reserve Bank of San Francisco.
- Gorton, Gary & Winton, Andrew, 2003.
"Financial intermediation,"
Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 8, pages 431-552,
Elsevier.
- Gary Gorton & Andrew Winton, 2002. "Financial Intermediation," NBER Working Papers 8928, National Bureau of Economic Research, Inc.
- Gary Gorton & Andrew Winton, 2002. "Financial Intermediation," Center for Financial Institutions Working Papers 02-28, Wharton School Center for Financial Institutions, University of Pennsylvania.
- Akdoğu, Evrim & Alp Paukowits, Aysun, 2022. "Supply of credit and corporate bond covenants," Journal of Corporate Finance, Elsevier, vol. 72(C).
- Masami Imai, 2008. "Crowding-Out Effects of a Government-Owned Depository Institution: Evidence from a Natural Experiment in Japan," Wesleyan Economics Working Papers 2008-003, Wesleyan University, Department of Economics.
- Dewally, Michaël & Shao, Yingying, 2014. "Liquidity crisis, relationship lending and corporate finance," Journal of Banking & Finance, Elsevier, vol. 39(C), pages 223-239.
- Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
- Bougheas, Spiros & Mizen, Paul & Yalcin, Cihan, 2006. "Access to external finance: Theory and evidence on the impact of monetary policy and firm-specific characteristics," Journal of Banking & Finance, Elsevier, vol. 30(1), pages 199-227, January.
- Chava, Sudheer & Purnanandam, Amiyatosh, 2011.
"The effect of banking crisis on bank-dependent borrowers,"
Journal of Financial Economics, Elsevier, vol. 99(1), pages 116-135, January.
- Sudheer Chava & Amiyatosh Purnanandam, 2006. "The effect of a banking crisis on bank-dependent borrowers," Proceedings 1030, Federal Reserve Bank of Chicago.
- Degryse, Hans & Matthews, Kent & Zhao, Tianshu, 2018.
"SMEs and access to bank credit: Evidence on the regional propagation of the financial crisis in the UK,"
Journal of Financial Stability, Elsevier, vol. 38(C), pages 53-70.
- Hans Degryse & Kent Matthews & Tianshu Zhao, 2015. "SMEs and Access to Bank Credit: Evidence on the Regional Propagation of the Financial Crisis in the UK," CESifo Working Paper Series 5424, CESifo.
- Degryse, Hans & Matthews, Kent & Zhao, Tianshu, 2015. "SMEs and access to bank credit: Evidence on the regional propagation of the financial crisis in the UK," Cardiff Economics Working Papers E2015/5, Cardiff University, Cardiff Business School, Economics Section.
- Hans Degryse & Kent Matthews & Tianshu Zhao, 2015. "SMEs and access to bank credit: Evidence on the regional propagation of the financial crisis in the UK," Working Papers Department of Accountancy, Finance and Insurance (AFI), Leuven 502954, KU Leuven, Faculty of Economics and Business (FEB), Department of Accountancy, Finance and Insurance (AFI), Leuven.
- Degryse, Hans & Matthews, Kent & Zhao, Tianshu, 2015. "SMEs and access to bank credit: Evidence on the regional propagation of the financial crisis in the UK," Cardiff Economics Working Papers E2015/10, Cardiff University, Cardiff Business School, Economics Section.
- Committee, Nobel Prize, 2022. "Financial Intermediation and the Economy," Nobel Prize in Economics documents 2022-2, Nobel Prize Committee.
- Huang, Zhangkai, 2003. "Evidence of a bank lending channel in the UK," Journal of Banking & Finance, Elsevier, vol. 27(3), pages 491-510, March.
- Ylhäinen, Ilkka, 2017. "Life-cycle effects in small business finance," Journal of Banking & Finance, Elsevier, vol. 77(C), pages 176-196.
- Ongena, Steven & Peydró, José-Luis & Jiménez, Gabriel & Saurina, Jesús, 2010.
"Credit Supply: Identifying Balance-Sheet Channels with Loan Applications and Granted Loans,"
CEPR Discussion Papers
7655, C.E.P.R. Discussion Papers.
- Jiménez, Gabriel & Ongena, Steven & Peydró, José-Luis & Saurina, Jesús, 2010. "Credit supply - Identifying balance-sheet channels with loan applications and granted loans," Working Paper Series 1179, European Central Bank.
- 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.
- Rhys Bidder & John Krainer & Adam Shapiro, 2021.
"De-leveraging or de-risking? How banks cope with loss,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 39, pages 100-127, January.
- Rhys Bidder & John Krainer & Adam Shapiro, 2020. "Online Appendix to "De-leveraging or de-risking? How banks cope with loss"," Online Appendices 19-100, Review of Economic Dynamics.
- Alvis K. Lo, 2014. "Do Declines in Bank Health Affect Borrowers’ Voluntary Disclosures? Evidence from International Propagation of Banking Shocks," Journal of Accounting Research, Wiley Blackwell, vol. 52(2), pages 541-581, May.
- Ippolito, Filippo & Ozdagli, Ali K. & Perez-Orive, Ander, 2018.
"The transmission of monetary policy through bank lending: The floating rate channel,"
Journal of Monetary Economics, Elsevier, vol. 95(C), pages 49-71.
- Filippo Ippolito & Ali Ozdagli & Ander Pérez-Orive, 2017. "The Transmission of Monetary Policy through Bank Lending : The Floating Rate Channel," Finance and Economics Discussion Series 2017-026, Board of Governors of the Federal Reserve System (U.S.).
- Cantillo, Miguel & Wright, Julian, 2000.
"How Do Firms Choose Their Lenders? An Empirical Investigation,"
The Review of Financial Studies, Society for Financial Studies, vol. 13(1), pages 155-189.
- Miguel Cantillo & Julian Wright, 1998. "How Do Firms Choose Their Lenders? An Empirical Investigation," Finance 9803007, University Library of Munich, Germany.
- Cantillo, Miguel & Wright, Julian, 2000. "HOw Do Firms Choose Their Leaders? An Empirical Investigation," Research Program in Finance, Working Paper Series qt8sd393sj, Research Program in Finance, Institute for Business and Economic Research, UC Berkeley.
- Miguel Cantillo and Julian Wright., 2000. "How Do Firms Choose Their Lenders? An Empirical Investigation," Research Program in Finance Working Papers RPF-256-Rev, University of California at Berkeley.
- Grosse-Rueschkamp, Benjamin & Steffen, Sascha & Streitz, Daniel, 2019. "A capital structure channel of monetary policy," Journal of Financial Economics, Elsevier, vol. 133(2), pages 357-378.
More about this item
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
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
NEP fields
This paper has been announced in the following NEP Reports:- NEP-BAN-2011-09-16 (Banking)
- NEP-BEC-2011-09-16 (Business Economics)
- NEP-CBA-2011-09-16 (Central Banking)
- NEP-MAC-2011-09-16 (Macroeconomics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:17392. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/nberrus.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.