Replication data for: Credit Supply and Monetary Policy: Identifying the Bank Balance-Sheet Channel with Loan Applications
Principal Investigator(s): View help for Principal Investigator(s) Gabriel Jiménez; Steven Ongena; José-Luis Peydró; Jesús Saurina
Version: View help for Version V1
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Project Citation:
Jiménez, Gabriel, Ongena, Steven, Peydró, José-Luis, and Saurina, Jesús. Replication data for: Credit Supply and Monetary Policy: Identifying the Bank Balance-Sheet Channel with Loan Applications. Nashville, TN: American Economic Association [publisher], 2012. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112548V1
Project Description
Summary:
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We analyze the impact of monetary policy on the supply of bank credit. Monetary policy affects both loan supply and demand, thus making identification a steep challenge. We therefore analyze a novel, supervisory dataset with loan applications from Spain. Accounting for time-varying firm heterogeneity in loan demand, we find that tighter monetary and worse economic conditions substantially reduce loan granting, especially from banks with lower capital or liquidity ratios; responding to applications for the same loan, weak banks are less likely to grant the loan. Finally, firms cannot offset the resultant credit restriction by applying to other banks. (JEL E32, E44, E52, G21, G32)
Scope of Project
JEL Classification:
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E32 Business Fluctuations; Cycles
E44 Financial Markets and the Macroeconomy
E52 Monetary Policy
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
E32 Business Fluctuations; Cycles
E44 Financial Markets and the Macroeconomy
E52 Monetary Policy
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
G32 Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
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