scholarly journals Bank loan supply shocks and alternative financing of non‐financial corporations in the euro area

2020 ◽  
Vol 88 (S1) ◽  
pp. 126-150
Author(s):  
Martin Mandler ◽  
Michael Scharnagl
Keyword(s):  
Euro Area ◽  
Bank Loan ◽  
Supply Shocks ◽  
Loan Supply

scholarly journals Loan supply shocks during the financial crisis: Evidence for the Euro area

2012 ◽  
Vol 31 (3) ◽  
pp. 569-592 ◽  
Author(s):  
Nikolay Hristov ◽  
Oliver Hülsewig ◽  
Timo Wollmershäuser
Keyword(s):  
Financial Crisis ◽  
Euro Area ◽  
Supply Shocks ◽  
Loan Supply

scholarly journals The Impact of Quantitative Easing on Bank Loan Supply and Monetary Policy Implementation in the Euro Area

2020 ◽  
Vol 70 (3) ◽  
pp. 229-265
Author(s):  
Maximilian Horst ◽  
Ulrike Neyer
Keyword(s):  
Monetary Policy ◽  
Policy Implementation ◽  
Euro Area ◽  
Banking Sector ◽  
Bank Loan ◽  
Strong Increase ◽  
Excess Reserves ◽  
Loan Supply ◽  
The Impact ◽  
Reserve Ratio

AbstractIn March 2015, the Eurosystem launched its QE programme. The asset purchases induced a rapid and strong increase in excess reserves, implying a structural liquidity surplus in the euro area banking sector. Against this background, the first part of this paper analyses the Eurosystem’s liquidity management during normal times, crisis times and times of too low inflation. With a focus on the latter, the second part of this paper develops a relatively simple theoretical model in which banks operate under a structural liquidity surplus. The model shows that increasing excess reserves have no or even a contractionary impact on bank loan supply. As the newly created excess reserves are heterogeneously distributed across euro area countries, the impact of QE on bank loan supply may differ across countries. Moreover, we derive implications for monetary policy implementation. Increases in the central bank’s main refinancing rate as well as in the minimum reserve ratio and decreases in the central bank’s deposit rate develop expansionary effects on loan supply – contrary to the case in which banks face a structural liquidity deficit.

scholarly journals Loan Supply Shocks During the Financial Crisis: Evidence for the Euro Area

2011 ◽  
Author(s):  
Nikolay Hristov ◽  
Oliver Hülsewig ◽  
Timo Wollmershaeuser
Keyword(s):  
Financial Crisis ◽  
Euro Area ◽  
Supply Shocks ◽  
Loan Supply

Bank loan supply shocks and leverage adjustment

2020 ◽  
Vol 87 ◽  
pp. 447-460
Author(s):  
Masayo Shikimi
Keyword(s):  
Bank Loan ◽  
Supply Shocks ◽  
Loan Supply

The Association Between Bank Credit Terms and Conditions and the Business Cycle in the Euro Area

2019 ◽  
Vol 65 (4) ◽  
pp. 247-256
Author(s):  
Dimitrios Anastasiou ◽  
Konstantinos Drakos
Keyword(s):  
Business Cycle ◽  
Euro Area ◽  
Bank Loan ◽  
Bank Credit ◽  
Monetary Policies ◽  
Policy Makers ◽  
Long Run ◽  
Loan Terms ◽  
Short Run ◽  
The Business Cycle

Abstract We explored the trajectory of bank loan terms and conditions over the business cycle, where the latter was decomposed into its long-run (trend) and short-run (cyclical) components. We found that deterioration of each business cycle component leads to a significant tightening of credit terms and conditions. We found mixed results concerning the symmetry of impacts of the short and long run components. Symmetry was found between the terms and conditions on loans for small vs. large enterprises. Our findings provide very useful information to policy makers and should be taken into consideration when monetary policies are designed.

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