The Bank of England Credit Conditions Survey

Venetia Bell () and Alice Pugh ()
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Venetia Bell: Bank of England, Postal: Publications Group Bank of England Threadneedle Street London EC2R 8AH
Alice Pugh: Bank of England, Postal: Publications Group Bank of England Threadneedle Street London EC2R 8AH

No 515, Bank of England working papers from Bank of England

Abstract: This paper contains the first detailed empirical examination of the information content of the Bank of England Credit Conditions Survey (CCS). The CCS asks a wide selection of questions of UK lenders relating to all aspects of bank credit provision. We examine the association between the survey responses and comparable official quantitative rates and lending growth data, and the extent to which the survey responses can help us to predict changes in those variables one quarter ahead. We find that many of the survey responses – especially those for household lending – are significantly associated with movements in the quantitative data. Similarly to the findings of equivalent surveys in the United States and euro area, we find that a subset of banks’ survey expectations of credit conditions provide a statistically significant guide for predicting changes in credit spreads and lending growth one quarter ahead.

Keywords: bank lending survey; credit conditions survey; credit growth; credit spreads (search for similar items in EconPapers)
JEL-codes: C23 E43 E51 E52 (search for similar items in EconPapers)
Pages: 47 pages
Date: 2014-11-21
New Economics Papers: this item is included in nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:boe:boeewp:0515

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