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This paper investigates the existence of a bank lending and a bank capital channel in Austria by applying the dynamic Arellano-Bond GMM-estimator to a quarterly bank level dataset spanning from 1997 to 2003. While we do find evidence that the bank lending channel is in existence, with an important role active for capitalization, we are unable to confirm that the bank capital channel is in force in Austria. Our results indicate some counter-cyclicality in lending activity, a finding that is in line with the existing Austrian literature. Classification |
