银行信贷条件向企业的传递——来自关联调查的证据(英).pdf
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1、 Working Paper Series The transmission of bank credit conditions to firms-evidence from linked surveys Annalisa Ferrando,Sarah Holton,Conor Parle Disclaimer:This paper should not be reported as representing the views of the European Central Bank(ECB).The views expressed are those of the authors and
2、do not necessarily reflect those of the ECB.No 2975 AbstractUsing a novel dataset linking firm level data from the Survey on Access to Financeof Enterprises(SAFE)and bank level data from the Bank Lending Survey(BLS),we explore how changes in credit standards pass through to firms at a granularlevel.
3、We find that tighter credit standards decrease loan availability reported byfirms,increase the likelihood they report access to finance as the worst problem anddecrease their investment.After controlling for country-sector-time fixed effectsthat capture cyclical macroeconomic conditions,effects only
4、 remain for firms thatneed finance.Moreover,we find that a more diversified funding base insulatesfirms from the negative impacts of tighter credit standards on availability of bankloans and access to finance,although there is little evidence of such an effect forinvestment.Effects are asymmetric,wi
5、th stronger impacts recorded for a tighteningthan an easing.Our results underscore the importance of demand conditions wheninterpreting the credit conditions and we thus propose a new indicator of demandadjusted credit standards at a euro area level,which can be used to analyse broadercredit dynamic
6、s.JEL classification:D22,E22,E52Keywords:Finance,credit conditions,surveys,firm-bank relationships.ECB Working Paper Series No 29751Non-technical summaryChanges in credit conditions can affect firms access to finance and their business decisions andare therefore closely monitored by policymakers.The
7、 transmission of a given change in creditconditions can depend on the situation and behaviour of both banks and firms.In this paper weaim to assess this transmission via both firms and banks by focusing on the perceptions thatthey both have on changes in financing conditions.We use a unique dataset
8、linking two surveys:the ECBs Survey on Access to Finance of Enterprises(SAFE)that provides information from thefirms side,and the Bank Lending Survey(BLS)which scrutinises euro area banks.In our novelapproach,we analyse the direct impact of changes in credit supply of a specific bank(in theBLS)on th
9、e availability of loans as perceived by firms(in the SAFE)that are customers of thatbank.We focus on the concept of credit standards as defined in the BLS.The survey collectsinformation on changes in credit standards,which are the internal guidelines or loan approvalcriteria defined by each bank tha
10、t loan officers should apply when borrowers approach them fora bank loan.From the side of the firms,we look,instead,at the likelihood of firms in reportingdifficulties to access finance and the pass-through to their investment decisions of changes inthe credit standards applied by their bank(s).In o
11、ur empirical analysis we rely on a sample of 22,799 firms matched to banks in 11countries for the period 2010-2022.We find that tighter(looser)credit standards lead(i)to adecrease(increase)in firms reported loan availability,(ii)to an increased(decreased)likelihoodof a firm reporting access to finan
12、ce as their worst problem and(iii)to lower(higher)firminvestment.These effects are significant mainly for those firms that signalled an increased needfor bank loans during the period we analyse.In addition,by exploring the time developments,we find that our results are mainly driven by periods of ti
13、ghtening,with very little effectspresent for periods of easing.We also provide evidence of the importance for firms of having access to a diversified fundingbase.Indeed,among firms needing a bank loan,those having a more diversified funding basecan more easily counteract the effect of a tightening o
14、f bank loans conditions.Our resultsunderscore the importance of demand conditions when interpreting the credit conditions andwe propose a new indicator of demand adjusted credit standards at a euro area level,which canbe used to analyse broader credit dynamics.ECB Working Paper Series No 297521Intro
15、ductionCredit conditions are a key channel through which monetary policy affects the economy(Bernanke and Gertler,1995).A change in monetary policy can induce a simultaneous changein both credit supply and demand and this makes it challenging to precisely estimate the effectof a change in credit sup
16、ply on bank lending.For this reason,various techniques and moregranular data have been used to more cleanly identify credit supply effects and have establishedthat changes in credit supply significantly affect firms access to finance and consequently theirinvestment behaviour(Amiti and Weinstein(201
17、8).Moreover,the transmission of a change incredit standards-for instance,following a change in monetary policy-will crucially dependalso on the condition of both banks and borrowers(Jimnez et al.(2012)and Altavilla et al.(2021).For instance,heterogeneity in borrower outcomes following an aggregate c
18、hange incredit conditions could potentially stem from how banks behave and transmit the shock orhow firm characteristics accentuate or mitigate the shock.Therefore,granular information oncredit supply by individual banks and the impact on individual firms is crucial in capturinghow aggregate credit
19、standards ultimately affect firms access to finance and investment.In this paper,we use a novel and granular dataset on banks and businesses to explore theeffects of changes in credit standards on firms.The unique dataset links individual firmsresponses from the ECBs Survey on Access to Finance of E
20、nterprises(SAFE)and individualbanks responses to the Bank Lending Survey(iBLS).It allows for a quantification of the impactof changes in banks credit standards,as measured by bank responses to the BLS,on firmsreported availability of loans,on access to finance being their worst problem and on the pa
21、ss-through to their investment decisions,as measured in the SAFE.By linking the two surveysat a granular level,we can explore not just the direct impact of changes in contemporaneouscredit standards,but also the accumulation of changes over multiple periods.This combinesthe strengths of the two surv
22、eys well.While the SAFE is useful for exploring contemporaneouschanges,it is more difficult to assess the cumulative impact of credit constraints as firms mayappear on multiple occasions but they do not necessarily take part in consecutive surveys.However,using BLS credit supply variables allows for
23、 the calculation of a bank specific loansupply effect that we can follow over time.Second,the SAFE contains useful data on firmspecific conditions(like demand)and outcomes(like investment)that can be explored at amicro level.Similarly,while individual bank-level responses from the BLS are informativ
24、e forECB Working Paper Series No 29753the demand a specific bank faces,information from the SAFE survey allows for assessing howheterogeneity in demand can interact with credit supply conditions.Overall,combining theserich micro level survey data can allow for an in-depth exploration of the channels
25、 of creditconditions and how banks and firms can lead to variation in how a shock to credit conditionspropagates.First,we find that,as expected,tighter(looser)credit standards lead(a)to a decrease(increase)in firm level reported loan availability,(b)to an increased(decreased)likelihoodof reporting a
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- 关 键 词:
- 银行信贷 条件 企业 传递 来自 关联 调查 证据
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