RDP 2022-07: The Term Funding Facility: Has It Encouraged Business Lending? Read me file

This ‘read me’ file contains details of the data and code used for the results presented in RDP 2022-07. The model detailed in the RDP uses confidential data provided by banks to APRA. As these data are not available for public release, the main code will not run to reproduce our results. Instead, the code is provided to help you understand our methodology.

master.R loads in the appropriate initial objects and parameters, runs the other scripts, and runs each regression by sourcing:

• define_settings.R – loads in required packages and sets parameters for our sample period and output locations.
• load_data.R – imports raw data from various locations, cleans the dataset and creates relevant variables.
• reg_sme_large_business_lending.R – runs regressions and exports output tables for our first policy question (was the additional allowance effective?).
• reg_institution_type.R – runs regressions and exports output tables for our second policy question (what was the effect of the availability of the TFF?).
• reg_accessed_TFF.R – runs regressions and exports output tables for our third policy question (did a lender's take-up of the TFF affect their business lending?).
• support_summary_statistics.R – produces summary statistics for Appendix A.
• support_test_prior_trends.R – runs the test of prior trends for Section 5.2.

Publically available data used to plot the figures can be found in ‘rdp-2022-07-graph-data.xlsx’. Data used to plot Figures 1 and 3 are not publically available due to third party provisions.

Software version

R version 4.0.3

Disclaimer

The programs in this folder are intended for academic and personal use only.

Anyone who uses the code should cite the paper.

13 December 2022

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