Loan Types and the Bank Lending Channel /
Ivashina, Victoria.
Loan Types and the Bank Lending Channel / Victoria Ivashina, Luc Laeven, Enrique Moral-Benito. - Cambridge, Mass. National Bureau of Economic Research 2020. - 1 online resource: illustrations (black and white); - NBER working paper series no. w27056 . - Working Paper Series (National Bureau of Economic Research) no. w27056. .
April 2020.
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 dynamics and bank lending channels vary across these loan types. Moreover, aggregate credit supply shocks previously identified in the literature appear to be driven by individual loan types. The effects of monetary policy and the effects of the financial crisis propagating through banks' balance sheets are primarily driven by cash-flow loans, whereas asset-based credit is mostly insensitive to these types of effects.
System requirements: Adobe [Acrobat] Reader required for PDF files.
Mode of access: World Wide Web.
Loan Types and the Bank Lending Channel / Victoria Ivashina, Luc Laeven, Enrique Moral-Benito. - Cambridge, Mass. National Bureau of Economic Research 2020. - 1 online resource: illustrations (black and white); - NBER working paper series no. w27056 . - Working Paper Series (National Bureau of Economic Research) no. w27056. .
April 2020.
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 dynamics and bank lending channels vary across these loan types. Moreover, aggregate credit supply shocks previously identified in the literature appear to be driven by individual loan types. The effects of monetary policy and the effects of the financial crisis propagating through banks' balance sheets are primarily driven by cash-flow loans, whereas asset-based credit is mostly insensitive to these types of effects.
System requirements: Adobe [Acrobat] Reader required for PDF files.
Mode of access: World Wide Web.