Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/153613
Authors: 
Jiménez, Gabriel
Ongena, Steven
Peydró, José-Luis
Saurina, Jesús
Year of Publication: 
2010
Series/Report no.: 
ECB Working Paper 1179
Abstract: 
To identify credit availability we analyze the extensive and intensive margins of lending with loan applications and all loans granted in Spain. We find that during the period analyzed both worse economic and tighter monetary conditions reduce loan granting, especially to firms or from banks with lower capital or liquidity ratios. Moreover, responding to applications for the same loan, weak banks are less likely to grant the loan. Our results suggest that firms cannot offset the resultant credit restriction by turning to other banks. Importantly the bank-lending channel is notably stronger when we account for unobserved time-varying firm heterogeneity in loan demand and quality.
Subjects: 
2007-09 crisis
business cycle
capital
credit channel
credit supply
financial accelerator
firm borrowing capacity
liquidity
monetary policy
net worth
non-financial and financial borrower balance-sheet channels
JEL: 
E32
E44
E5
G21
G28
Document Type: 
Working Paper

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