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Loan commitments and monetary policy
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A number of empirical studies found evidence that bank loan rates to business are sticky, providing some support for equilibrium rationing.
“A number of empirical studies found evidence that bank loan rates to business are sticky, providing some support for equilibrium rationing (Slovin and Sushka, 1983;King, 1986;So®anos et al., 1990).”
From The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle (1998) · cites this paper as Sofianos et al., 1990
Citations
Cites
No references could be resolved yet.
Research works printed but not linked: 15
- Blinder, 1983, Money, credit constraints and economic activity, American Economic Review, 73, 297
- Campbell, 1978, A model of the market for lines of credit, Journal of Finance, 33, 231, 10.1111/j.1540-6261.1978.tb03401.x · DOI
- Cooley, 1985, A theoretical macroeconomics: A critique, Journal of Monetary Economics, 16, 283, 10.1016/0304-3932(85)90038-8 · DOI
- Cukierman, 1978, The horizontal integration of the banking firm, credit rationing and monetary policy, Review of Economic Studies, 165, 10.2307/2297092 · DOI
- Ham, 1987, Loan demand: An empirical analysis using micro data, Review ofEconomics and Statistics, 69, 704, 10.2307/3473041 · DOI
- Jaffee, 1976, Imperfect information uncertainty and credit rationing, Quarterly Journal of Economics, 90, 651, 10.2307/1885327 · DOI
- Kanatas, 1987, Commercial paper, bank reserve requirements and the informational role ofloan commitments, Journal of Banking and Finance, 11, 425, 10.1016/0378-4266(87)90042-2 · DOI · Paper page
- Kareken, 1957, Lenders preferences, credit rationing and the effectiveness of monetary policy, Review of Economics and Statistics, 39, 292, 10.2307/1926045 · DOI
- King, 1986, Monetary transmission: Through bank loans or bank liabilities?, Journal of Money, Credit and Banking, 8, 290, 10.2307/1992382 · DOI · Paper page
- Kling, 1985, The dynamic behavior of business loans and the prime rate, Journal of Banking and Finance, 9, 421, 10.1016/0378-4266(85)90042-1 · DOI
- Scott, 1957, The availability doctrine: Theoretical underpinnings, Review of Economic Studies, 25, 421, 10.2307/2296120 · DOI
- Sims, 1980, Macroeconomics and reality, Econometrica, 48, 1, 10.2307/1912017 · DOI
- Stiglitz, 1981, Credit rationing in markets with imperfect information, American Economic Review, 71, 393
- Thakor, 1982, Towards a theory of bank loan commitments, Journal of Banking and Finance, 6, 55, 10.1016/0378-4266(82)90022-X · DOI
- Wojnilower, 1980, The central role of credit crunches in recent financial history, Brookings Papers on Economic Activity, 2, 277, 10.2307/2534325 · DOI
Cited by
Sorted by citations
N. Berger, A., & F. Udell, G. (1998) · Journal of Banking & Finance · doi:10.1016/s0378-4266(98)00038-7 · Cited by 3,690
Some evidence on the empirical significance of credit rationing
Berger, A. N., & Udell, G. F. (1992) · Journal of Political Economy · doi:10.1086/261851 · Cited by 550
Metadata
- Authors
- Sofianos, G., Wachtel, P., & Melnik, A.
- Affiliations
- Federal Reserve Bank of New York (US)
- New York University (US)
- ORCID
- Wachtel, Paul
- Venue
- Journal of Banking & Finance
- Publisher
- Elsevier BV
- Published
- 1990-10
- Volume
- 14
- Issue
- 4
- Pages
- 677-689
- ISSN
- 0378-4266 (ISSN-L)
- OpenAlex
- W3023463079
- Cited by
- 66
- References
- 0
- Citations by year
- 2026: 1 · 2022: 1 · 2020: 2 · 2019: 1 · 2018: 3 · 2017: 3 · 2016: 1 · 2015: 5 · 2014: 3 · 2013: 1 · 2012: 5
- FWCI
- 6.15
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Journal of Banking & Finance (publishedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
- Social Sciences › Economics, Econometrics and Finance › Finance › Banking stability, regulation, efficiency
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic theories and models
- Keywords
- loan commitments, monetary policy transmission, credit rationing, interest rate channel, bank lending, borrower protection, monetary policy effectiveness
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Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
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