Loan Types and the Bank Lending Channel

Abstract

espanolExplotando los registros de credito de Espana y de Peru, este trabajo documenta la existencia de cuatro tipos principales de prestamos bancarios (asset-based loans, cash fl ow loans, trade fi nance y leasing) que son facilmente identifi cables y representan la mayor parte del credito corporativo. Asimismo, se muestra que la evolucion agregada del credito depende crucialmente del tipo de prestamo analizado y que los shocks de oferta de credito previamente identifi cados en la literatura varian segun el tipo de prestamo utilizado en su estimacion. Finalmente, el canal bancario de transmision de la politica monetaria y los efectos reales de la crisis fi nanciera que operan a traves de los balances de los bancos se deben principalmente a los denominados cash-fl ow loans, mientras que los otros tipos de prestamos son en su mayoria insensibles a este tipo de efectos. EnglishUsing credit-registry data for Spain and Peru, we document that four main types of commercial credit –asset-based loans, cash fl ow loans, trade fi nance and leasing– are easily identifi able and represent the bulk of corporate credit. We show that credit growth dynamics and bank lending channels vary across these loan types. Moreover, aggregate credit supply shocks previously identifi ed in the literature appear to be driven by individual loan types. The effects of monetary policy and the effects of the fi nancial crisis propagating through banks’ balance sheets are primarily driven by cash fl ow loans, whereas asset-based credit is mostly insensitive to these types of effects.