payment risk on bank lending, bridging the literatures on payment systems and credit supply. An interquartile increase in …

A crucial condition for the existence of a credit channel through bank loans is that monetary policy should be able to … of a credit channel …

A crucial condition for the existence of a credit channel through bank loans is that monetary policy should be able to … small banks are excluded. Overall, the evidence is compatible with the existence of a credit channel, although it is …

in the transmission of monetary policy within the credit channel. …

Empirical estimations of the drivers for loan extension mainly apply the outstanding stock of bank credit as the … and securitisation activity. This paper specifically applies a variable of new credit extensions for eight Euro area … countries in a simultaneous equation panel model to evaluate potential determinants for credit extension, and compares the …

Empirical research on the monetary transmission mechanism considering credit developments is almost exclusively limited … to the amount of outstanding credit in an economy. Two issues arise out of this. First, stock-flow inconsistencies might … occur. Second, the change of the outstanding amount of credit on banks ́balance sheets does not consist only of new lending …