Finance and Economics Discussion Series: Accessible versions of figures for 2026-008

Monetary Policy Exposure of Banks and Loan Contracting

Accessible version of figures

Figure 1: Average Loan Strictness This figure plots the average covenant strictness along with a one standard deviation band for the period between 1995 and 2019. The average and standard deviation are calculated over a 1-year horizon.

Year	Average	Lower bound	Upper bound
1995	0.404	0.197	0.612
1996	0.44	0.231	0.65
1997	0.435	0.226	0.643
1998	0.446	0.237	0.655
1999	0.463	0.253	0.674
2000	0.456	0.243	0.668
2001	0.46	0.246	0.674
2002	0.467	0.253	0.681
2003	0.444	0.233	0.655
2004	0.365	0.158	0.572
2005	0.322	0.118	0.527
2006	0.312	0.108	0.515
2007	0.331	0.124	0.538
2008	0.372	0.158	0.586
2009	0.405	0.189	0.621
2010	0.315	0.112	0.518
2011	0.249	0.058	0.439
2012	0.235	0.05	0.42
2013	0.27	0.074	0.465
2014	0.247	0.056	0.438
2015	0.223	0.043	0.402
2016	0.237	0.049	0.424
2017	0.255	0.067	0.443
2018	0.225	0.044	0.405
2019	0.229	0.047	0.412

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