... N G PA P E R S E R I E S N O 115 / J A N U A RY 2010 DO BANK LOANS AND CREDIT STANDARDS HAVE AN EFFECT ON OUTPUT? A PANEL APPROACH FOR THE EURO AREA by Lorenzo Cappiello 2, Arjan Kadareja 3, ... the analysis are: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Portugal and Spain Panel B: OLS panel regression of GDP on overall credit standards Data ... growth, on the 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 contemporaneous...