Loan types and the bank lending channel

• 成果类型: Article
• 署名作者: Ivashina, Victoria; Laeven, Luc; Moral-Benito, Enrique
• 署名单位: Harvard University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; European Central Bank; Center for Economic & Policy Research (CEPR); Banco de Espana
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2021.11.006
• 发表日期: 2022
• 页码: 171-187
• 关键词: Bank credit; Loan types; Bank lending channel; Credit registry

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.