National Bank of Belgium urges care in use of credit conditions surveys

bank-of-belgium

A study by the National Bank of Belgium has shed some light on how useful credit conditions surveys are to macro-prudential policy-makers.

In an article in the central bank's Financial Stability Review 2013, Stijn Ferrari, Glenn Schepens and Patrick Van Roy test both the eurozone Bank Lending Survey (BLS) and the National Bank's own Survey on Credit Conditions (SCC).

"While changes in demand conditions tend to affect credit growth relatively quickly, changes in supply conditions are reflected in

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