Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/103823
Authors: 
Holmberg, Karolina
Year of Publication: 
2013
Series/Report no.: 
Sveriges Riksbank Working Paper Series 280
Abstract: 
Using panel data of 68,800 small and large firms, I examine whether firms are subject to shifts in the supply of credit over the business cycle. Shifts in the supply of credit are identified by exploring how firms substitute between commitment credit - lines of credit - and non-commitment credit. I find that firms on average rely more on commitment credits when monetary policy is tight and when the financial health of banks is weaker. The results are consistent with a bank lending channel of monetary policy and with shifts in the supply of credit following deteriorations in banks' balance sheets.
Subjects: 
Bank Lending Channel
Bank Capital
Business Fluctuations
JEL: 
E32
E44
E51
G01
G21
Document Type: 
Working Paper

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