The Institutional Memory Hypothesis and the Procyclicality of Bank Lending Behaviour |
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aggregate business cycle Aggregate Demand ALLL ALOANS-C&I and ALOANS-CRE annual proportional change appear in Column bank credit bank fixed effects bank health bank lending behaviour bank loan bank management bank-borrower relationships bank's last bust basis points C&I loans Charles Goodhart Coefficient T-stat Coefficient control variables credit crunch credit standards data set downturn economically significant expansion Federal Reserve Furfine GDP deflator GDP-GROW HERFINDAHL Herfindahl index institutional memory hypothesis institutional memory problems key exogenous variable large banks loan bust loan contract terms Loan Officer Survey loan performance problems loan premium loan review measure mergers non-merging banks observations and appear PREM prior problem loans procyclicality rate premiums real 1994 dollars Richard Cantor risk sample statistics Senior Loan Officer senior management SLOS-Aggregate Demand SLOS-Missing small banks STANDARDS and SPREADS STBL stylised facts subsamples summary statistics supervisors Sveriges Riksbank T-stat Coefficient T-stat tests tightened TIME-ALLL Treasury securities Udell unobserved USD 1 billion