Sevestre, P. - Banque de France - 1998
Due to the unobservability of the new credit production, most of the empirical loan market studies use, instead, the … observable credit stock. This substitution has been pointed out to be likely to generate biases (e.g. see Lown and Peristiani … estimates of any log-log model coefficients, as lond as banks panel data is used and fixed effects are included in the estimated …