• 1. Introduction
  • 2. Bank Lending in Germany
  • 3. Potential Causes of the Slowdown in Bank Lending
  • 3.1 Substitution of Bank Credit by Money and Capital Market Instruments
  • 3.2 Cyclical Slowdown
  • 3.3 “Credit Crunch” versus “Credit Rationing”
  • 4. German result of the euro area bank lending survey for Q3 03
  • 5. Explaining Bank Lending in Germany
  • 6. Summary and Outlook
  • 7. Appendix
  • 7.1 “Credit Crunch” vs “Credit Rationing”
  • 7.2 Error Correction Model
  • References