Loan types and the bank lending channel

被引:20
|
作者
Ivashina, Victoria [1 ,2 ]
Laeven, Luc [3 ,4 ]
Moral-Benito, Enrique [5 ]
机构
[1] Harvard Sch Business, CEPR, Boston, MA 02163 USA
[2] NBER, Cambridge, MA 02138 USA
[3] European Cent Bank, Frankfurt, Germany
[4] CEPR, Washington, DC USA
[5] Banco Espana, Madrid, Spain
关键词
Bank credit; Loan types; Bank lending channel; Credit registry; MONETARY-POLICY; CAPITAL STRUCTURE; INTEREST-RATES; CREDIT; DEBT; TRANSMISSION; SAY;
D O I
10.1016/j.jmoneco.2021.11.006
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Using credit-registry data for Spain and Peru, we document that four main types of commercial credit-asset-based loans, cash flow loans, trade finance and leasing-are easily identifiable and represent the bulk of corporate credit. We show that credit growth dynamics and bank lending channels vary across these loan types. The effects of monetary policy propagating through banks' balance sheets are primarily driven by cash flow loans, whereas asset-based credit is mostly insensitive to these types of effects, consistent with theories on the pledgeability of hard assets. (C) 2021 Elsevier B.V. All rights reserved.
引用
收藏
页码:171 / 187
页数:17
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