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José Luis Peydró, ECB Print
Tuesday, 06 October 2009, 14:00 - 15:30

Identifying Loan Supply and Firm – Bank Balance-Sheet Channelswith Loan Applications

Abstract: To identify the effects of economic and monetary conditions on credit supply, we analyze monthly information on firm loan applications made during the last seven years in Spain, a bank-dominated country subject to fairly exogenous economic and monetary changes. Matching the applications with complete firm and bank information, we find robust evidence that both adverse economic and tight monetary conditions reduce loan supply, especially for firms and by banks with lower capital- and liquidity-to-total-assets ratios. Analyzing all granted loans for the last seventeen years we ascertain that the supply restriction the firms face cannot be offset by turning to other banks.

José Luis Peydró, European Central Bank

Location: S 12.227
Contact: Claude Adan, This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

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