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Bank Lending Channel Evidence at the Firm Level

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  • Nadine Watson

Abstract

The use of aggregate data and failure to consider all possible alternatives to bank loans have been the main sources of criticism of empirical bank lending channel analyses. Although in the recent literature firm aggregates have replaced macro aggregates, existence of a differential impact of monetary policy across firms is an issue still open to empirical confirmation. Aggregates ignore firm heterogeneity and implicitly assume, in the case of size subaggregates, that the only difference between small and large firms is their access to capital markets. This paper represents an attempts to improve the empirical analysis of the narrow credit channel by estimating the effect of monetary policy on the debt mix using a panel of individual firms, controlling for firm specific heterogeneity.

Suggested Citation

  • Nadine Watson, 1999. "Bank Lending Channel Evidence at the Firm Level," Working Papers 9906, Banco de España.
    • Handle: RePEc:bde:wpaper:9906
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