✦ LIBER ✦

Bank lending in Germany and the UK: are there differences between a bank-based and a market-based country?

✍ Scribed by Sylvia Kaufmann; Maria Teresa Valderrama

Publisher: John Wiley and Sons
Year: 2008
Tongue: English
Weight: 254 KB
Volume: 13
Category: Article
ISSN: 1076-9307
DOI: 10.1002/ijfe.345

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✦ Synopsis

Abstract

We estimate Markov switching vector autoregressive systems for loans to firms and loans to households to investigate their relationship to interest rates and investment and consumption, respectively. We find evidence for different reactions of lending to shocks in real variables and interest rates across regimes both within countries and across countries for a given regime. We find evidence for a procyclical effect of lending during specific growth periods in both countries. Copyright © 2007 John Wiley & Sons, Ltd.

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