We analyse the macroeconomic effects of exogenous contractions in bank lending to non‐financial corporations in the euro area, Germany, France, Italy and Spain using a BVAR model with endogenous hyperparameter selection and identification via sign restrictions. We investigate the behaviour of firms’ external financing sources alternative to bank loans: financing via equity, debt securities, trade credit and lending from non‐banks. We analyse the comovement of these financing sources with bank lending using the joint posterior distribution of their impulse responses with that of bank loans. For the euro area our results show equity, debt securities and non‐bank loans to be substitutes for bank loans in general equilibrium with negative responses to a positive loan supply shock while trade credit is a complement and responds positively. Quantitatively, the developments in bank loans and trade credit dominate the response of the overall sum of external financing. However, whether and which of the alternative financing sources are substitutes for or complements to bank loans in general equilibrium differs across countries.

中文翻译：

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欧元区非金融公司的银行贷款供应冲击和替代融资

我们使用带有内生超参数选择和通过符号限制识别的BVAR模型，分析了欧元区，德国，法国，意大利和西班牙向非金融公司的银行贷款中外源性收缩的宏观经济效应。我们调查了企业外部融资来源的行为，而不是银行贷款：通过股权，债务证券，贸易信贷和非银行贷款的融资。我们通过联合分析银行融资与这些融资来源的联动冲动响应与银行贷款的后验分布。对于欧元区，我们的结果显示，股票，债务证券和非银行贷款在总体均衡状态下可以替代银行贷款，对积极的贷款供给冲击具有负面反应，而贸易信贷则是补充，并具有积极反应。从数量上看，银行贷款和贸易信贷的发展主导了外部融资总额的反应。但是，各国之间在一般均衡中是否以及替代金融来源的替代方式和补充方式是银行贷款的补充。