Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/110370
Authors: 
Hense, Florian
Year of Publication: 
2015
Series/Report no.: 
CFS Working Paper Series 504
Abstract: 
Empirical credit demand analysis undertaken at the aggregate level obscures potential behavioral heterogeneity between various borrowing sectors. Looking at disaggregated data and analyzing bank loans to non-financial companies, to financial companies, to households for consumption and for house purchases separately with respect to a common set of macroeconomic determinants may facilitate more accurate empirical relationships and more reliable insights for economic policy. Using quarterly Euro area panel data between 2003 and 2013, empirical evidence for heterogeneity in borrowing behavior across sectors and the credit cycle with respect to interest rates, output and house prices is found. The results motivate sector-specific, counter-cyclical capital requirements.
Subjects: 
bank loans
disaggregation
interest rate elasticity
macro-prudential tools
JEL: 
E44
E51
E52
Document Type: 
Working Paper

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