TAILIEUCHUNG - Working PaPer SerieS no 1150 / January 2010: Do bank loanS anD creDit StanDarDS have an effect on outPut? a Panel aPProach for the euro area

First, the demand for land has been enormous. Compared to an average annual expansion of global agricultural land of less than 4 million hectares before 2008, approximately 56 million hectares worth of large-scale farmland deals were announced even before the end of 2009. More than 70 percent of such demand has been in Africa; countries such as Ethiopia,Mozambique, and Sudan have transferred millions of hectares to investors in recent years. At the same time, in many cases the announced deals have never been implemented. Risks are often large. Plans are scaled back due to a variety of reasons including unrealistic objectives, price changes, and inadequate infra- structure, technology, and. | EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1150 I JANUARY 2010 DO BANK LOANS AND CREDIT STANDARDS HAVE AN EFFECT ON OUTPUT A PANEL APPROACH FOR THE EURO AREA by Lorenzo Cappiello Arjan Kadareja Christoffer Kok Sorensen and Marco Protopapa EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1150 I JANUARY 2010 DO BANK LOANS AND CREDIT STANDARDS HAVE AN EFFECT ON OUTPUT A PANEL APPROACH FOR THE EURO AREA 1 by Lorenzo Cappiello2 Arjan Kadareja3 Christoffer Kok Sorensen2 and In 2010 all ECB publications feature a motif taken from the 500 banknote. Marco Protopapa2 This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id l535995. l We are indebted to Francesco Drudi and Manfred Kremer for valuable comments and discussions. We would also like to thank an anonymous referee for providing helpful comments. Of course remaining errors are ours alone. The views expressed in this paper are those of the authors and do not necessarily reflect those of the European Central Bank or the Eurosystem. 2 European Central Bank Kaiserstrasse 29 603ll Frankfurt am Main Germany. Corresponding author Lorenzo Cappiello e-mail tel. 49 69 1344 8765. 3 Bank of Albania Sheshi Skẻnderbeị Tirana Albania e-mail kadareja@ European Central Bank 2010 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Website http Fax 49 69 1344 6000 All rights reserved. Any reproduction publication and reprint in the form of a different publication whether printed or produced electronically in whole or in part is permitted only with the explicit written authorisation of the ECB or the author s . The views expressed in this paper do not necessarily reflect those of the European Central Bank. Information on all of the working papers published in .

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