What is the impact of central bank on banks’ lending policy with respect to the corporate sector? Evidence from SLOOS for Poland
Ewa Wróbel ()
Additional contact information
Ewa Wróbel: Narodowy Bank Polski
Bank i Kredyt, 2018, vol. 49, issue 6, 595-638
The paper shows how central bank impacts credit policy of the banking sector. Using aggregate data from the “Senior loan officer survey” and SVAR models with non-recursive decomposition, it analyses effects of short-term interest rate innovations on loan standards, terms and conditions for shortand long-term loans for various types of enterprises. It finds that shocks to the monetary policy are amplified by the operation of the lending channel and that the reactions of standards on long-term loans for small and medium sized enterprises are somewhat more pronounced than those on loans for large entities. Loans for investment are affected by credit standards to a certain degree, other types of loans, such as loans on current account and loans for financing working capital as well as for real property acquisition tend to respond to the interest rate. Recursive factorizations may over-estimate the role of the credit channel.
Keywords: monetary policy transmission; credit standards and credit terms; bank survey; recursive and non-recursive decompositions (search for similar items in EconPapers)
JEL-codes: E5 G21 (search for similar items in EconPapers)
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:nbp:nbpbik:v:49:y:2018:i:6:p:595-638
Access Statistics for this article
More articles in Bank i Kredyt from Narodowy Bank Polski Contact information at EDIRC.
Bibliographic data for series maintained by Michał Wieloch ().