Navigation
Skip to Content
Loan supply, credit markets and the euro area financial crisis
DisplayLogo
Publications Office of the European Union
MainSearch
All collections
EU law
EU publications
EU official directory
Editorial Content
Summaries of Legislation
search
More
Advanced search
Browse by subject
Expert Search
Language Selector
български (bg)
español (es)
čeština (cs)
dansk (da)
Deutsch (de)
eesti keel (et)
eλληνικά (el)
English (en)
français (fr)
Gaeilge (ga)
hrvatski (hr)
italiano (it)
latviešu valoda (lv)
lietuvių kalba (lt)
magyar (hu)
Malti (mt)
Nederlands (nl)
polski (pl)
português (pt)
română (ro)
slovenčina (sk)
slovenščina (sl)
suomi (fi)
svenska (sv)
BasketSummary
0
X
Basket
x
items
X
This item has been added.
Qty:
x
€
x
Sub-total
€
x
Total
€
0.0
View basket
Checkout
MyPortal
Sign in
Navigation Menu
LAW
EU PUBLICATIONS
RESEARCH AND INNOVATION
OPEN DATA
PUBLIC PROCUREMENT
EU WHOISWHO
Navigation Menu
LAW
EU PUBLICATIONS
RESEARCH AND INNOVATION
OPEN DATA
PUBLIC PROCUREMENT
EU WHOISWHO
Publications Office of the EU
Help
Navigation Menu
Breadcrumb
Publication detail
Navigation Menu
AccessibilityTools
Maintenance EN
Please note that this website will be undergoing technical maintenance between 28 and 31 August. Consequently, users may experience instabilities and limited functionality. We apologise for the inconvenience.
Web Content Display (Global)
For a better user experience please update your browser or use
Chrome
or
Firefox
browser.
×
Publication Detail Actions Portlet
Utilities
Add to my publications
Create alert
Permanent link
Metadata RDF
(Opens New Window)
(Opens New Window)
Embed in website
More
Cancel
Rate this publication
Publication Detail Portlet
Publication detail
Home
EU publications
Download
Order
Loan supply, credit markets and the euro area financial crisis
Publication metadata
We use bank-level information on lending practices from the euro area Bank Lending Survey to construct a new indicator of loans’ supply tightening controlling for both macroeconomic and bank-specific factors. Embedding this information as external instrument in a Bayesian vector autoregressive model (BVAR), we find that tighter bank loan supply to non-financial corporations leads to a protracted
contraction in credit volumes and higher bank lending spreads. This fosters firms’ incentives to substitute bank loans with market finance, producing a significant increase in debt securities issuance and higher bond spreads. We also show that loans’ tightening shocks explain a large fraction of the contraction in real activity and the widening of credit spreads especially over the recession which followed the euro area sovereign debt crisis.
View more
View less
Download and languages
Close
Available languages and formats
Download
X
Available languages and formats
English
(en)
pdf
Publication details
Related publications
Published:
2015-11-05
Corporate author(s):
European Central Bank
Personal author(s):
Nicoletti, Giulio
;
Altavilla, Carlo
;
Darracq Paries, Matthieu
Themes:
Monetary policy
,
Banks, insurance
Subject:
econometrics
,
economic recession
,
euro area
,
financial market
,
loan
,
macroeconomics
,
monetary crisis
,
money market
PDF
ISSN
1725-2806
ISBN
978-92-899-1674-5
DOI
10.2866/83401
Catalogue number
QB-AR-15-101-EN-N
PDF
ISSN
1725-2806
ISBN
978-92-899-1674-5
DOI
10.2866/83401
Catalogue number
QB-AR-15-101-EN-N
View more
View less
Show all issues in this serial
Publication Viewer
Document viewer
The document doesn't have a viewable format at this time
Go Back Widget
Back to list of results
