ИЗПОЛЗВАНЕ НА РЕЗУЛТАТИТЕ ОТ АНКЕТАТА ЗА КРЕДИТНАТА АКТИВНОСТ НА БАНКИТЕ ЗА ОБЯСНЯВАНЕ НА ИЗМЕНЕНИЯТА В ДИНАМИКАТА НА КРЕДИТА ЗА НЕФИНАНСОВИТЕ ПРЕДПРИЯТИЯ В БЪЛГАРИЯ
USING BANK LENDING SURVEY RESULTS FOR EXPLAINING CHANGES IN THE DYNAMICS OF CREDIT TO NON-FINANCIAL CORPORATIONS IN BULGARIA

Summary/Abstract: The aim of this paper is to examine the information content of the Bank Lending Survey results for the dynamics of corporate credit in Bulgaria. Applying an econometric analysis on a macro and micro level I find that the constructed variables for loan demand and credit standards for lending to enterprises from the survey exert a statistically significant impact on credit growth. Apart from Bank Lending Survey results the dynamics of credit to non-financial corporations in Bulgaria is positively and significantly affected by the real economic activity, the spread between corporate loan and deposit interest rates and the capital-to-asset ratio and negatively by the share of non-performing loans in banks’ portfolios.

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