... between GDP and loan growth, onthe one hand, and GPD 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 ... as collateral values and …rms’ net worth deteriorate, and maydecide to tighten credit standards. Therefore, to identify unambiguously the impactof changes in credit standards to GDP variations, ... credit standards are endogenous to GDP growth. Sincecredit availability depends on lenders’ s tandards , if, for instance, credit standards tighten, this can generate a decrease in the credit-based...