The Credit in the Netherlands: Evidence from Bank Balance Sheets

44 Pages Posted: 21 Dec 2002

Date Written: December 2001


This study contributes to the empirical evidence on the lending channel in the Netherlands using individual bank data. The main conclusion is that a lending channel is operative in the Netherlands. However, it is only operative for unsecured and not for secured lending, possibly because loans with state guarantees get special treatment by banks. Effects of monetary tightening on unsecured lending are more negative for smaller, less liquid and less capitalised banks, in line with the lending channel theory. A contribution of this study is that it gives evidence that the monetary policy impact on bank lending also depends on the market segment in which a bank is active. The evidence suggests that the lending channel is not affecting lending to households as much as it is affecting lending to firms.

Keywords: Monetary policy transmission, bank lending

JEL Classification: E51, E52, G21

Suggested Citation

de Haan, Leo, The Credit in the Netherlands: Evidence from Bank Balance Sheets (December 2001). ECB Working Paper No. 98. Available at SSRN:

Leo de Haan (Contact Author)

De Nederlandsche Bank ( email )

P.O. Box 98
1000 AB Amsterdam
+31 20 5243539 (Phone)
+31 20 5242514 (Fax)

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