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英文文献：Credit policies before and during the financial crisis-金融危机前和危机期间的信贷政策
英文文献作者：Palle S?rensen
英文文献摘要：
This paper empirically distinguishes between the two main contending explanations for credit cycles. Namely, the bank lending channel and the balance sheet channel. This is done by using unique Danish survey, register, rating, and bank data. The results indicate that the bank lending channel explains most of the changes in credit policy by Danish banks towards small and medium (SME) sized firms. However, the results show that both channels are operational, but the balance sheet channel is surprisingly weak partly because discouragement during the crisis kept struggling firms from applying for credit. The analysis also reveals that the credit supply was weaker in banks that were struggling during the crisis and indirectly that firms could not off-set this effect by changing banks. Furthermore, the evidence suggests that the financial crisis also affected the liquidity of non-financial firms, as credit demand rose immediately following the crisis.
本文从实证的角度对信贷周期的两种主要解释进行了区分。即银行贷款渠道和资产负债表渠道。这是通过使用独特的丹麦调查、登记、评级和银行数据来实现的。研究结果表明，银行贷款渠道解释了丹麦银行对中小企业信贷政策的大部分变化。然而，结果显示，这两个渠道都是可运作的，但资产负债表渠道却出奇的疲软，部分原因是危机期间的沮丧情绪使挣扎中的企业不敢申请信贷。分析还显示，在危机中挣扎的银行的信贷供应较弱，间接表明企业无法通过改变银行来抵消这种影响。此外，有证据表明，金融危机也影响了非金融企业的流动性，信贷需求在危机后立即上升。
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