Credit Rationing and Credit View: Empirical Evidence from an Ethical Bank in Italy
利用意大利一家道德银行的官方记录，直接比较每个借款人的申请额和获批额来度量信贷配给，发现欧洲央行再融资利率与部分（而非完全）信贷配给显著正相关，为信贷观点假说提供了微观证据。
Attempts have been made in the empirical literature to identify credit rationing \nand its determinants using balance sheet data or evidence from \ncorporate surveys. However, observational equivalence, identification problems, \nand interview biases are serious problems in these studies.We analyze \ndirectly the determinants of credit rationing in credit files by examining the \ndifference between the amounts demanded by and supplied to each borrower, \nas shown by official bank records. Our findings provide microeconomic evidence \nthat supports the credit view hypothesis by showing that the European \nCentral Bank refinancing rate is significantly and positively related to partial \n(but not total) credit rationing. This finding is consistent with the hypothesis \nthat this variable affects the total volume of bank loans.