rates during the life of the loan reduce this probability. Bank, borrower and market characteristics determine the impact of …

resultant credit restriction by turning to other banks. Importantly the bank-lending channel is notably stronger when we account …

We propose an econometric analysis of the evolution of bank credit to the private sector in order to describe credit … Spain in 2010:I; and United States in 2009:IV). The analysis also uncovers a systematic cyclical pattern in the bank lending … restrictions in bank lending: 1974-75, 1980-82, 1991-93, 2001-02 and from 2008 to the end of the sample. …