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Publications
Publications
  • March 2022
  • Article
  • Journal of Monetary Economics

Loan Types and the Bank Lending Channel

By: Victoria Ivashina, Luc Laeven and Enrique Moral-Benito
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Abstract

Using credit-registry data for Spain and Peru, we document that four main types of commercial credit—asset-based loans, cash flow loans, trade finance and leasing—are easily identifiable and represent the bulk of corporate credit. We show that credit growth dynamics and bank lending channels vary across these loan types. The effects of monetary policy propagating through banks’ balance sheets are primarily driven by cash flow loans, whereas asset-based credit is mostly insensitive to these types of effects, consistent with theories on the pledgeability of hard assets.

Keywords

Bank Credit; Loan Types; Bank Lending Channel; Credit Registry; Banks and Banking; Credit; Financing and Loans

Citation

Ivashina, Victoria, Luc Laeven, and Enrique Moral-Benito. "Loan Types and the Bank Lending Channel." Journal of Monetary Economics 126 (March 2022): 171–187.
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About The Author

Victoria Ivashina

Finance
→More Publications

More from the Authors

    • AEA Papers and Proceedings

    Weak Corporate Insolvency Rules: The Missing Driver of Zombie Lending

    By: Bo Becker and Victoria Ivashina
    • 2022
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    High-Yield Debt Covenants and Their Real Effects

    By: Falk Bräuning, Victoria Ivashina and Ali Ozdagli
    • November 2021
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    PE Secondaries: Blackstone Strategic Partners

    By: Victoria Ivashina, Luis M. Viceira, John D. Dionne and Alys Ferragamo
More from the Authors
  • Weak Corporate Insolvency Rules: The Missing Driver of Zombie Lending By: Bo Becker and Victoria Ivashina
  • High-Yield Debt Covenants and Their Real Effects By: Falk Bräuning, Victoria Ivashina and Ali Ozdagli
  • PE Secondaries: Blackstone Strategic Partners By: Victoria Ivashina, Luis M. Viceira, John D. Dionne and Alys Ferragamo
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