... countries included in the analysis are: Austria, Belgium, Finland,France, Germany, Greece, Ireland, Italy, the Netherlands, Portugal and Spain.14Dataare observed at quarterly frequency and cover the ... 2008.18ECB Working Paper Series No 1150January 2010 Working PaPer SerieS no 1150 / January 2010Do bank loanS anD creDit StanDarDS have an effect on outPut? a Panel aPProach for the euro areaby Lorenzo ... growth and changes in credit standards, on the other hand.Results, which are reported in Table 3, panels A and B, suggest a signi…cant and positive contemporaneous relation between GDP changes an...