Main Article Content
Abstract
This article examines a credit channel of the monetary policy transmission mechanism in India. One hundred thirty-two commercial banks in India were studied for ten years, from 2009 to 2018, using STATA for data analysis. The question of this study is: do bank features and macroeconomic variables combine to influence credit supply in India? According to the data, the bank's features have a large and negative liquidity ratio compared to the loan amount. Furthermore, there is a significant but negative relationship between the interaction of inflation and interest rates with the liquidity ratio and loan amount in India.
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Article Details
References
- Mishkin FS. Monetary Policy Strategy: How Did We Get Here? 2006. https://doi.org/10.3386/W12515.
- Bernanke BS, Gertler M. Inside the Black Box: The Credit Channel of Monetary Policy Transmission. J Econ Perspect 1995;9:27–48. https://doi.org/10.1257/JEP.9.4.27.
- Farajnezhad M, Mahdi Ziaei S, Karimiyan A, Guan Choo L. Credit Channel of Monetary Policy Transmission Mechanism in BRICS Monetary policy in the Middle East and North African (MENA) countries View project Credit Channel of Monetary Policy Transmission Mechanism in BRICS 2016;7.
- Farajnezhad M, Ramakrishnan SA. Effectiveness of Credit Channel of Monetary Policy Transmission Mechanism on Commercial Banks in Malaysia. Int J Recent Technol Eng 2019;8:913–26.
- Mishkin F. The Credit Channel . J Econ Perspect 1996;10.
- Altunbas Y, Gambacorta L, Marques-Ibanez D. An Empirical Assessment of the Risk-Taking Channel. SSRN Electron J 2009. https://doi.org/10.2139/SSRN.1459627.
- Bhaumik SK, Dang V, Kutan AM. Implications of bank ownership for the credit channel of monetary policy transmission: Evidence from India. J Bank Financ 2011;35:2418–28. https://doi.org/10.1016/J.JBANKFIN.2011.02.003.
- Reserve Bank of India n.d. https://www.rbi.org.in/ (accessed April 4, 2022).
- Acharya V V., Imbierowicz B, Steffen S, Teichmann D. Does the lack of financial stability impair the transmission of monetary policy? J Financ Econ 2020;138:342–65. https://doi.org/10.1016/J.JFINECO.2020.06.011.
- Mohan R. Capital account liberalization and conduct of monetary policy: the Indian experience. Https://DoiOrg/101080/17520840903076572 2009;2:215–38. https://doi.org/10.1080/17520840903076572.
- Das A, Mishra P, Prabhala N. The Transmission of Monetary Policy Within Banks: Evidence from India 1 Abhiman Das IIM Ahmedabad and Reserve Bank of India Prachi Mishra IMF and Reserve Bank of India 2015. https://www.abfer.org/media/abfer-events-2016/annual-conference/cebra/the-transmission-of-monetary-policy-within-banks-evidence-from-india.pdf (accessed April 1, 2022).
- Mishra A, Burns K. The effect of liquidity shocks on the bank lending channel: Evidence from India. Int Rev Econ Financ 2017;52:55–76. https://doi.org/10.1016/J.IREF.2017.09.011.
- Bhaumik SK, Kutan AM, Majumdar S. How successful are banking sector reforms in emerging market economies? Evidence from impact of monetary policy on levels and structures of firm debt in India. Https://DoiOrg/101080/1351847X20171391857 2017;24:1047–62. https://doi.org/10.1080/1351847X.2017.1391857.
- Bhoi BK, Mitra AK, Singh JB, Sivaramakrishnan G. Effectiveness of alternative channels of monetary policy transmission: some evidence for India. Http://DxDoiOrg/101080/1752084320161188837 2016;10:19–38. https://doi.org/10.1080/17520843.2016.1188837.
- Wahi G, Kapur M. Economic Activity and its Determinants: A Panel Analysis of Indian States. SSRN Electron J 2018. https://doi.org/10.2139/SSRN.3253799.
- Kashyap AK, Stein JC. What Do a Million Observations on Banks Say about the Transmission of Monetary Policy? Am Econ Rev 2000;90:407–28. https://doi.org/10.1257/AER.90.3.407.
- Bernanke BS, Gertler M, Gilchrist S. The Flight to Quality and the Financial Accelerator - Google Scholar. Rev Econ Stat 1996;78:1–15.
- Bernanke BS, Gertler M, Gilchrist S. The financial accelerator in a quantitative business cycle framework. Handb Macroecon 1999;1:1341–93. https://doi.org/10.1016/S1574-0048(99)10034-X.
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- Gambacorta L. Inside the bank lending channel. Eur Econ Rev 2005;49:1737–59. https://doi.org/10.1016/J.EUROECOREV.2004.05.004.
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- Juurikkala T, Karas A, Solanko L. The Role of Banks in Monetary Policy Transmission: Empirical Evidence from Russia. Rev Int Econ 2011;19:109–21. https://doi.org/10.1111/J.1467-9396.2010.00935.X.
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- de Souza LV. Estimating the existence of the bank lending channel in the Russian Federation. Bank Credit 2006;9:3–13.
- Kapan T, Minoiu C, International Monetary Fund. Research Department. Balance sheet strength and bank lending during the Global Financial Crisis 2013:38.
- Angeloni I, Ehrmann M. Monetary transmission in the euro area: early evidence. Econ Policy 2003;18:469–501. https://doi.org/10.1111/1468-0327.00113_1.
- Black B. Does Corporate Governance Matter--A Crude Test Using Russian Data. Univ PA Law Rev 2000;149.
- Gompers P, Ishii J, Metrick A. Corporate Governance and Equity Prices. Q J Econ 2003;118:107–56. https://doi.org/10.1162/00335530360535162.
- Shabbir A, Padgett C. The UK code of corporate governance: Link between compliance and firm performance. ECMLG2008-Proceedings 4th Eur. Conf. Manag. Leadersh. Gov. ECMLG. Acad. Conf. Ltd., 2008, p. 167.
- Beiner S, Drobetz W, Schmid MM, Zimmermann H. An Integrated Framework of Corporate Governance and Firm Valuation. Eur Financ Manag 2006;12:249–83. https://doi.org/10.1111/J.1354-7798.2006.00318.X.
- Luporini V. The monetary transmission mechanism in Brazil: evidence from a VAR analysis. Estud Econômicos (São Paulo) 2008;38:7–30.
- Mishkin FS. Monetary Policy Strategy: How Did We Get Here? 2006. https://doi.org/10.3386/W12515.
- Bernanke BS, Gertler M. Inside the Black Box: The Credit Channel of Monetary Policy Transmission. J Econ Perspect 1995;9:27–48. https://doi.org/10.1257/JEP.9.4.27.
- Farajnezhad M, Mahdi Ziaei S, Karimiyan A, Guan Choo L. Credit Channel of Monetary Policy Transmission Mechanism in BRICS Monetary policy in the Middle East and North African (MENA) countries View project Credit Channel of Monetary Policy Transmission Mechanism in BRICS 2016;7.
- Farajnezhad M, Ramakrishnan SA. Effectiveness of Credit Channel of Monetary Policy Transmission Mechanism on Commercial Banks in Malaysia. Int J Recent Technol Eng 2019;8:913–26.
- Mishkin F. The Credit Channel . J Econ Perspect 1996;10.
- Altunbas Y, Gambacorta L, Marques-Ibanez D. An Empirical Assessment of the Risk-Taking Channel. SSRN Electron J 2009. https://doi.org/10.2139/SSRN.1459627.
- Bhaumik SK, Dang V, Kutan AM. Implications of bank ownership for the credit channel of monetary policy transmission: Evidence from India. J Bank Financ 2011;35:2418–28. https://doi.org/10.1016/J.JBANKFIN.2011.02.003.
- Reserve Bank of India n.d. https://www.rbi.org.in/ (accessed April 4, 2022).
- Acharya V V., Imbierowicz B, Steffen S, Teichmann D. Does the lack of financial stability impair the transmission of monetary policy? J Financ Econ 2020;138:342–65. https://doi.org/10.1016/J.JFINECO.2020.06.011.
- Mohan R. Capital account liberalization and conduct of monetary policy: the Indian experience. Https://DoiOrg/101080/17520840903076572 2009;2:215–38. https://doi.org/10.1080/17520840903076572.
- Das A, Mishra P, Prabhala N. The Transmission of Monetary Policy Within Banks: Evidence from India 1 Abhiman Das IIM Ahmedabad and Reserve Bank of India Prachi Mishra IMF and Reserve Bank of India 2015. https://www.abfer.org/media/abfer-events-2016/annual-conference/cebra/the-transmission-of-monetary-policy-within-banks-evidence-from-india.pdf (accessed April 1, 2022).
- Mishra A, Burns K. The effect of liquidity shocks on the bank lending channel: Evidence from India. Int Rev Econ Financ 2017;52:55–76. https://doi.org/10.1016/J.IREF.2017.09.011.
- Bhaumik SK, Kutan AM, Majumdar S. How successful are banking sector reforms in emerging market economies? Evidence from impact of monetary policy on levels and structures of firm debt in India. Https://DoiOrg/101080/1351847X20171391857 2017;24:1047–62. https://doi.org/10.1080/1351847X.2017.1391857.
- Bhoi BK, Mitra AK, Singh JB, Sivaramakrishnan G. Effectiveness of alternative channels of monetary policy transmission: some evidence for India. Http://DxDoiOrg/101080/1752084320161188837 2016;10:19–38. https://doi.org/10.1080/17520843.2016.1188837.
- Wahi G, Kapur M. Economic Activity and its Determinants: A Panel Analysis of Indian States. SSRN Electron J 2018. https://doi.org/10.2139/SSRN.3253799.
- Kashyap AK, Stein JC. What Do a Million Observations on Banks Say about the Transmission of Monetary Policy? Am Econ Rev 2000;90:407–28. https://doi.org/10.1257/AER.90.3.407.
- Bernanke BS, Gertler M, Gilchrist S. The Flight to Quality and the Financial Accelerator - Google Scholar. Rev Econ Stat 1996;78:1–15.
- Bernanke BS, Gertler M, Gilchrist S. The financial accelerator in a quantitative business cycle framework. Handb Macroecon 1999;1:1341–93. https://doi.org/10.1016/S1574-0048(99)10034-X.
- Holmstrom B, Tirole J. Financial Intermediation, Loanable Funds, and The Real Sector. Q J Econ 1997;112:663–91. https://doi.org/10.1162/003355397555316.
- Ehrmann M, Gambacorta L, Martinez-Pagés J, Sevestre P, Worms A. The Effects of Monetary Policy in the Euro Area. Oxford Rev Econ Policy 2003;19:58–72. https://doi.org/10.1093/OXREP/19.1.58.
- Gambacorta L. Inside the bank lending channel. Eur Econ Rev 2005;49:1737–59. https://doi.org/10.1016/J.EUROECOREV.2004.05.004.
- Gunji H, Yuan Y. Bank profitability and the bank lending channel: Evidence from China. J Asian Econ 2010;21:129–41. https://doi.org/10.1016/J.ASIECO.2009.12.001.
- Jiménez G, Ongena S, Peydró J-L, Saurina J. Credit Supply versus Demand: Bank and Firm Balance-Sheet Channels in Good and Crisis Times 2011. https://doi.org/10.1257/aer.102.5.2301.
- Jiménez G, Ongena S, Peydró J-L, Saurina J, Aghion P, Arellano M, et al. Hazardous Times for Monetary Policy: What Do Twenty-Three Million Bank Loans Say About the Effects of Monetary Policy on Credit Risk-Taking? Econometrica 2014;82:463–505. https://doi.org/10.3982/ECTA10104.
- Juurikkala T, Karas A, Solanko L. The Role of Banks in Monetary Policy Transmission: Empirical Evidence from Russia. Rev Int Econ 2011;19:109–21. https://doi.org/10.1111/J.1467-9396.2010.00935.X.
- Sáiz MC, Azofra SS, Olmo BT, Gutiérrez CL. A new approach to the analysis of monetary policy transmission through bank capital. Financ Res Lett 2018;24:95–104. https://doi.org/10.1016/J.FRL.2017.07.021.
- Nguyen VHT, Boateng A. The impact of excess reserves beyond precautionary levels on Bank Lending Channels in China. J Int Financ Mark Institutions Money 2013;26:358–77. https://doi.org/10.1016/J.INTFIN.2013.07.002.
- de Souza LV. Estimating the existence of the bank lending channel in the Russian Federation. Bank Credit 2006;9:3–13.
- Kapan T, Minoiu C, International Monetary Fund. Research Department. Balance sheet strength and bank lending during the Global Financial Crisis 2013:38.
- Angeloni I, Ehrmann M. Monetary transmission in the euro area: early evidence. Econ Policy 2003;18:469–501. https://doi.org/10.1111/1468-0327.00113_1.
- Black B. Does Corporate Governance Matter--A Crude Test Using Russian Data. Univ PA Law Rev 2000;149.
- Gompers P, Ishii J, Metrick A. Corporate Governance and Equity Prices. Q J Econ 2003;118:107–56. https://doi.org/10.1162/00335530360535162.
- Shabbir A, Padgett C. The UK code of corporate governance: Link between compliance and firm performance. ECMLG2008-Proceedings 4th Eur. Conf. Manag. Leadersh. Gov. ECMLG. Acad. Conf. Ltd., 2008, p. 167.
- Beiner S, Drobetz W, Schmid MM, Zimmermann H. An Integrated Framework of Corporate Governance and Firm Valuation. Eur Financ Manag 2006;12:249–83. https://doi.org/10.1111/J.1354-7798.2006.00318.X.
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References
Mishkin FS. Monetary Policy Strategy: How Did We Get Here? 2006. https://doi.org/10.3386/W12515.
Bernanke BS, Gertler M. Inside the Black Box: The Credit Channel of Monetary Policy Transmission. J Econ Perspect 1995;9:27–48. https://doi.org/10.1257/JEP.9.4.27.
Farajnezhad M, Mahdi Ziaei S, Karimiyan A, Guan Choo L. Credit Channel of Monetary Policy Transmission Mechanism in BRICS Monetary policy in the Middle East and North African (MENA) countries View project Credit Channel of Monetary Policy Transmission Mechanism in BRICS 2016;7.
Farajnezhad M, Ramakrishnan SA. Effectiveness of Credit Channel of Monetary Policy Transmission Mechanism on Commercial Banks in Malaysia. Int J Recent Technol Eng 2019;8:913–26.
Mishkin F. The Credit Channel . J Econ Perspect 1996;10.
Altunbas Y, Gambacorta L, Marques-Ibanez D. An Empirical Assessment of the Risk-Taking Channel. SSRN Electron J 2009. https://doi.org/10.2139/SSRN.1459627.
Bhaumik SK, Dang V, Kutan AM. Implications of bank ownership for the credit channel of monetary policy transmission: Evidence from India. J Bank Financ 2011;35:2418–28. https://doi.org/10.1016/J.JBANKFIN.2011.02.003.
Reserve Bank of India n.d. https://www.rbi.org.in/ (accessed April 4, 2022).
Acharya V V., Imbierowicz B, Steffen S, Teichmann D. Does the lack of financial stability impair the transmission of monetary policy? J Financ Econ 2020;138:342–65. https://doi.org/10.1016/J.JFINECO.2020.06.011.
Mohan R. Capital account liberalization and conduct of monetary policy: the Indian experience. Https://DoiOrg/101080/17520840903076572 2009;2:215–38. https://doi.org/10.1080/17520840903076572.
Das A, Mishra P, Prabhala N. The Transmission of Monetary Policy Within Banks: Evidence from India 1 Abhiman Das IIM Ahmedabad and Reserve Bank of India Prachi Mishra IMF and Reserve Bank of India 2015. https://www.abfer.org/media/abfer-events-2016/annual-conference/cebra/the-transmission-of-monetary-policy-within-banks-evidence-from-india.pdf (accessed April 1, 2022).
Mishra A, Burns K. The effect of liquidity shocks on the bank lending channel: Evidence from India. Int Rev Econ Financ 2017;52:55–76. https://doi.org/10.1016/J.IREF.2017.09.011.
Bhaumik SK, Kutan AM, Majumdar S. How successful are banking sector reforms in emerging market economies? Evidence from impact of monetary policy on levels and structures of firm debt in India. Https://DoiOrg/101080/1351847X20171391857 2017;24:1047–62. https://doi.org/10.1080/1351847X.2017.1391857.
Bhoi BK, Mitra AK, Singh JB, Sivaramakrishnan G. Effectiveness of alternative channels of monetary policy transmission: some evidence for India. Http://DxDoiOrg/101080/1752084320161188837 2016;10:19–38. https://doi.org/10.1080/17520843.2016.1188837.
Wahi G, Kapur M. Economic Activity and its Determinants: A Panel Analysis of Indian States. SSRN Electron J 2018. https://doi.org/10.2139/SSRN.3253799.
Kashyap AK, Stein JC. What Do a Million Observations on Banks Say about the Transmission of Monetary Policy? Am Econ Rev 2000;90:407–28. https://doi.org/10.1257/AER.90.3.407.
Bernanke BS, Gertler M, Gilchrist S. The Flight to Quality and the Financial Accelerator - Google Scholar. Rev Econ Stat 1996;78:1–15.
Bernanke BS, Gertler M, Gilchrist S. The financial accelerator in a quantitative business cycle framework. Handb Macroecon 1999;1:1341–93. https://doi.org/10.1016/S1574-0048(99)10034-X.
Holmstrom B, Tirole J. Financial Intermediation, Loanable Funds, and The Real Sector. Q J Econ 1997;112:663–91. https://doi.org/10.1162/003355397555316.
Ehrmann M, Gambacorta L, Martinez-Pagés J, Sevestre P, Worms A. The Effects of Monetary Policy in the Euro Area. Oxford Rev Econ Policy 2003;19:58–72. https://doi.org/10.1093/OXREP/19.1.58.
Gambacorta L. Inside the bank lending channel. Eur Econ Rev 2005;49:1737–59. https://doi.org/10.1016/J.EUROECOREV.2004.05.004.
Gunji H, Yuan Y. Bank profitability and the bank lending channel: Evidence from China. J Asian Econ 2010;21:129–41. https://doi.org/10.1016/J.ASIECO.2009.12.001.
Jiménez G, Ongena S, Peydró J-L, Saurina J. Credit Supply versus Demand: Bank and Firm Balance-Sheet Channels in Good and Crisis Times 2011. https://doi.org/10.1257/aer.102.5.2301.
Jiménez G, Ongena S, Peydró J-L, Saurina J, Aghion P, Arellano M, et al. Hazardous Times for Monetary Policy: What Do Twenty-Three Million Bank Loans Say About the Effects of Monetary Policy on Credit Risk-Taking? Econometrica 2014;82:463–505. https://doi.org/10.3982/ECTA10104.
Juurikkala T, Karas A, Solanko L. The Role of Banks in Monetary Policy Transmission: Empirical Evidence from Russia. Rev Int Econ 2011;19:109–21. https://doi.org/10.1111/J.1467-9396.2010.00935.X.
Sáiz MC, Azofra SS, Olmo BT, Gutiérrez CL. A new approach to the analysis of monetary policy transmission through bank capital. Financ Res Lett 2018;24:95–104. https://doi.org/10.1016/J.FRL.2017.07.021.
Nguyen VHT, Boateng A. The impact of excess reserves beyond precautionary levels on Bank Lending Channels in China. J Int Financ Mark Institutions Money 2013;26:358–77. https://doi.org/10.1016/J.INTFIN.2013.07.002.
de Souza LV. Estimating the existence of the bank lending channel in the Russian Federation. Bank Credit 2006;9:3–13.
Kapan T, Minoiu C, International Monetary Fund. Research Department. Balance sheet strength and bank lending during the Global Financial Crisis 2013:38.
Angeloni I, Ehrmann M. Monetary transmission in the euro area: early evidence. Econ Policy 2003;18:469–501. https://doi.org/10.1111/1468-0327.00113_1.
Black B. Does Corporate Governance Matter--A Crude Test Using Russian Data. Univ PA Law Rev 2000;149.
Gompers P, Ishii J, Metrick A. Corporate Governance and Equity Prices. Q J Econ 2003;118:107–56. https://doi.org/10.1162/00335530360535162.
Shabbir A, Padgett C. The UK code of corporate governance: Link between compliance and firm performance. ECMLG2008-Proceedings 4th Eur. Conf. Manag. Leadersh. Gov. ECMLG. Acad. Conf. Ltd., 2008, p. 167.
Beiner S, Drobetz W, Schmid MM, Zimmermann H. An Integrated Framework of Corporate Governance and Firm Valuation. Eur Financ Manag 2006;12:249–83. https://doi.org/10.1111/J.1354-7798.2006.00318.X.
Luporini V. The monetary transmission mechanism in Brazil: evidence from a VAR analysis. Estud Econômicos (São Paulo) 2008;38:7–30.
Mishkin FS. Monetary Policy Strategy: How Did We Get Here? 2006. https://doi.org/10.3386/W12515.
Bernanke BS, Gertler M. Inside the Black Box: The Credit Channel of Monetary Policy Transmission. J Econ Perspect 1995;9:27–48. https://doi.org/10.1257/JEP.9.4.27.
Farajnezhad M, Mahdi Ziaei S, Karimiyan A, Guan Choo L. Credit Channel of Monetary Policy Transmission Mechanism in BRICS Monetary policy in the Middle East and North African (MENA) countries View project Credit Channel of Monetary Policy Transmission Mechanism in BRICS 2016;7.
Farajnezhad M, Ramakrishnan SA. Effectiveness of Credit Channel of Monetary Policy Transmission Mechanism on Commercial Banks in Malaysia. Int J Recent Technol Eng 2019;8:913–26.
Mishkin F. The Credit Channel . J Econ Perspect 1996;10.
Altunbas Y, Gambacorta L, Marques-Ibanez D. An Empirical Assessment of the Risk-Taking Channel. SSRN Electron J 2009. https://doi.org/10.2139/SSRN.1459627.
Bhaumik SK, Dang V, Kutan AM. Implications of bank ownership for the credit channel of monetary policy transmission: Evidence from India. J Bank Financ 2011;35:2418–28. https://doi.org/10.1016/J.JBANKFIN.2011.02.003.
Reserve Bank of India n.d. https://www.rbi.org.in/ (accessed April 4, 2022).
Acharya V V., Imbierowicz B, Steffen S, Teichmann D. Does the lack of financial stability impair the transmission of monetary policy? J Financ Econ 2020;138:342–65. https://doi.org/10.1016/J.JFINECO.2020.06.011.
Mohan R. Capital account liberalization and conduct of monetary policy: the Indian experience. Https://DoiOrg/101080/17520840903076572 2009;2:215–38. https://doi.org/10.1080/17520840903076572.
Das A, Mishra P, Prabhala N. The Transmission of Monetary Policy Within Banks: Evidence from India 1 Abhiman Das IIM Ahmedabad and Reserve Bank of India Prachi Mishra IMF and Reserve Bank of India 2015. https://www.abfer.org/media/abfer-events-2016/annual-conference/cebra/the-transmission-of-monetary-policy-within-banks-evidence-from-india.pdf (accessed April 1, 2022).
Mishra A, Burns K. The effect of liquidity shocks on the bank lending channel: Evidence from India. Int Rev Econ Financ 2017;52:55–76. https://doi.org/10.1016/J.IREF.2017.09.011.
Bhaumik SK, Kutan AM, Majumdar S. How successful are banking sector reforms in emerging market economies? Evidence from impact of monetary policy on levels and structures of firm debt in India. Https://DoiOrg/101080/1351847X20171391857 2017;24:1047–62. https://doi.org/10.1080/1351847X.2017.1391857.
Bhoi BK, Mitra AK, Singh JB, Sivaramakrishnan G. Effectiveness of alternative channels of monetary policy transmission: some evidence for India. Http://DxDoiOrg/101080/1752084320161188837 2016;10:19–38. https://doi.org/10.1080/17520843.2016.1188837.
Wahi G, Kapur M. Economic Activity and its Determinants: A Panel Analysis of Indian States. SSRN Electron J 2018. https://doi.org/10.2139/SSRN.3253799.
Kashyap AK, Stein JC. What Do a Million Observations on Banks Say about the Transmission of Monetary Policy? Am Econ Rev 2000;90:407–28. https://doi.org/10.1257/AER.90.3.407.
Bernanke BS, Gertler M, Gilchrist S. The Flight to Quality and the Financial Accelerator - Google Scholar. Rev Econ Stat 1996;78:1–15.
Bernanke BS, Gertler M, Gilchrist S. The financial accelerator in a quantitative business cycle framework. Handb Macroecon 1999;1:1341–93. https://doi.org/10.1016/S1574-0048(99)10034-X.
Holmstrom B, Tirole J. Financial Intermediation, Loanable Funds, and The Real Sector. Q J Econ 1997;112:663–91. https://doi.org/10.1162/003355397555316.
Ehrmann M, Gambacorta L, Martinez-Pagés J, Sevestre P, Worms A. The Effects of Monetary Policy in the Euro Area. Oxford Rev Econ Policy 2003;19:58–72. https://doi.org/10.1093/OXREP/19.1.58.
Gambacorta L. Inside the bank lending channel. Eur Econ Rev 2005;49:1737–59. https://doi.org/10.1016/J.EUROECOREV.2004.05.004.
Gunji H, Yuan Y. Bank profitability and the bank lending channel: Evidence from China. J Asian Econ 2010;21:129–41. https://doi.org/10.1016/J.ASIECO.2009.12.001.
Jiménez G, Ongena S, Peydró J-L, Saurina J. Credit Supply versus Demand: Bank and Firm Balance-Sheet Channels in Good and Crisis Times 2011. https://doi.org/10.1257/aer.102.5.2301.
Jiménez G, Ongena S, Peydró J-L, Saurina J, Aghion P, Arellano M, et al. Hazardous Times for Monetary Policy: What Do Twenty-Three Million Bank Loans Say About the Effects of Monetary Policy on Credit Risk-Taking? Econometrica 2014;82:463–505. https://doi.org/10.3982/ECTA10104.
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