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FOREWORD; ACKNOWLEDGEMENTS; TABLE OF CONTENTS; LIST OF FIGURES; LIST OF TABLES; LIST OF NOTATIONS AND ABBREVIATIONS; 1. Introduction; 1.1. Motivation; 1.2. Research questions and contribution; 1.3. Scope and limitations; 1.4. Organization of the research; 2. Transmission channels of monetary policy; 2.1. The money view; 2.2. The credit view; 2.2.1. The balance sheet channel; 2.2.2. The bank lending channel
Overview; 3. The bank lending channel in detail; 3.1. Structure and elements of the bank lending channel
3.1.1. Condition 1: The central bank must be able to affect the supply scheme of bank loans3.1.2. Condition 2: Publicly issued debt and non-bank intermediated loans must not be perfect substitutes for bank loans; 3.1.3. Condition 3: Prices must not adjust instantaneously; 3.2. Conclusion; 4. A new view: Implications of financial innovation for bank lending; 4.1. The bank lending channel revisited; 4.2. Toward a conceptualization of the new view; 5. Bank lending against the background of the recent crises; 5.1. The loss spiral; 5.2. The margin spiral or leverage cycle; 5.3. Conclusion
6. Review of empirical evidence on bank lending and its implications6.1. Remarks on the difference between the US and the euro area; 6.2. Empirical evidence from the US; 6.2.1. US evidence based on aggregate data; 6.2.2. US evidence based on data from individual banks; 6.2.3. Conclusion; 6.3. Evidence from the euro area; 6.3.1. Euro area evidence from before the crisis; 6.3.2. Euro area evidence in the wake of the crisis; 6.3.3. Conclusion; 6.4. Implications of theoretical framework for interpretation of empirical evidence; 7. Empirical analysis
approach; 7.1. Research hypotheses
7.1.1. General hypotheses7.1.2. Hypotheses involving the context of the recent crisis; 7.2. Overall empirical strategy and approach; 7.3. Empirical model; 7.3.1. Derivation of a model of bank behavior; 7.3.2. Introduction of the empirical model; 7.4. Data; 7.4.1. Data sources; 7.4.2. Target capital estimation; 7.4.3. Special challenges; 7.4.4. Purging the data; 7.5. Estimation method; 8. Empirical analysis
results; 8.1. Results for the euro area; 8.1.1. Descriptive statistics and correlations; 8.1.2. Baseline analysis; 8.1.3. Capital surplus; 8.1.4. Deposit overhang
8.2. Results for major euro area countries8.2.1. Composition of the country samples and tested specifications; 8.2.2. Main results for Germany; 8.2.3. Main results for Italy; 8.2.4. Main results for France; 8.2.5. Main results for Spain; 8.2.6. Discussion of inter-country differences and differences between countries and the euro area; 8.3. Conclusion
Main research hypotheses confirmed; 9. Final discussion and implications; 9.1. Overall summary of results; 9.2. Theoretical contributions; 9.2.1. Contributions to research regarding the determinants of bank lending
Overview; 3. The bank lending channel in detail; 3.1. Structure and elements of the bank lending channel
3.1.1. Condition 1: The central bank must be able to affect the supply scheme of bank loans3.1.2. Condition 2: Publicly issued debt and non-bank intermediated loans must not be perfect substitutes for bank loans; 3.1.3. Condition 3: Prices must not adjust instantaneously; 3.2. Conclusion; 4. A new view: Implications of financial innovation for bank lending; 4.1. The bank lending channel revisited; 4.2. Toward a conceptualization of the new view; 5. Bank lending against the background of the recent crises; 5.1. The loss spiral; 5.2. The margin spiral or leverage cycle; 5.3. Conclusion
6. Review of empirical evidence on bank lending and its implications6.1. Remarks on the difference between the US and the euro area; 6.2. Empirical evidence from the US; 6.2.1. US evidence based on aggregate data; 6.2.2. US evidence based on data from individual banks; 6.2.3. Conclusion; 6.3. Evidence from the euro area; 6.3.1. Euro area evidence from before the crisis; 6.3.2. Euro area evidence in the wake of the crisis; 6.3.3. Conclusion; 6.4. Implications of theoretical framework for interpretation of empirical evidence; 7. Empirical analysis
approach; 7.1. Research hypotheses
7.1.1. General hypotheses7.1.2. Hypotheses involving the context of the recent crisis; 7.2. Overall empirical strategy and approach; 7.3. Empirical model; 7.3.1. Derivation of a model of bank behavior; 7.3.2. Introduction of the empirical model; 7.4. Data; 7.4.1. Data sources; 7.4.2. Target capital estimation; 7.4.3. Special challenges; 7.4.4. Purging the data; 7.5. Estimation method; 8. Empirical analysis
results; 8.1. Results for the euro area; 8.1.1. Descriptive statistics and correlations; 8.1.2. Baseline analysis; 8.1.3. Capital surplus; 8.1.4. Deposit overhang
8.2. Results for major euro area countries8.2.1. Composition of the country samples and tested specifications; 8.2.2. Main results for Germany; 8.2.3. Main results for Italy; 8.2.4. Main results for France; 8.2.5. Main results for Spain; 8.2.6. Discussion of inter-country differences and differences between countries and the euro area; 8.3. Conclusion
Main research hypotheses confirmed; 9. Final discussion and implications; 9.1. Overall summary of results; 9.2. Theoretical contributions; 9.2.1. Contributions to research regarding the determinants of bank lending