Are There Signs of a Credit Crunch in Austria?

Walter Waschiczek ()
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Walter Waschiczek: Oesterreichische Nationalbank, Economic Analysis Division

Monetary Policy & the Economy, 2008, issue 4, 38–53

Abstract: This study examines the existing statistical evidence on corporate loan growth for signs of a credit crunch in Austria. With regard to banks’ loan supply, the Austrian results of the bank lending survey show that since the onset of the crisis in summer 2007 lending has been affected by deteriorated refinancing conditions in the interbank market and has become more restrictive. Loan demand, which in the first half of 2008 was still fairly brisk based on expanding investment and a sound earnings situation in the corporate sector, is likely to sag in the near future as a decrease in the willingness to invest is to be expected. The credit standing of firms is expected to deteriorate for cyclical reasons in the near future, too, which would also contribute to a slowdown in lending. As it seems to be relatively likely that loan supply will decline more strongly than loan demand, the emergence of a credit crunch cannot be ruled out in Austria.

Keywords: bank lending; credit crunch; corporate finance (search for similar items in EconPapers)
JEL-codes: E51 G21 G32 (search for similar items in EconPapers)
Date: 2008
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