本文使用台灣資料，並以向量自我回歸模型(vector autoregression；VAR)研究貨幣緊縮時，銀行放款細項以及擔保、無擔保放款等分類放款的動態反應。為了釐清實證結果中純粹代表放款供給面的因素與由經濟活動下降所造成的需求面因素，我們比較了分類放款對貨幣性衰退的反應與分類放款對純粹「總和需求衰退」的反應。
我們觀察到銀行放款細項以及擔保、無擔保放款對於貨幣性衰退皆產生歧異反應：企業放款上升而個人放款下降；擔保放款上升而無擔保放款下降。我們也觀察到貨幣性衰退下的分類放款與總和需求衰退下的分類放款有強烈反差，這代表了分類放款的反應不是單由經濟活動下降所造成；分類放款的反應應該是由趨向質優(flight to quality)這種供給面因素所造成的。

Using Taiwan data, we study the dynamic responses in disaggregated bank loan data such as loan components/secured and unsecured loans to monetary-tightening in the vector autoregression (VAR) framework. For disentangling the pure loan supply-side factors in our empirical results from the demand-side factors caused by drop in economic activities, we compare the responses in disaggregated loans to monetary downturn and the responses to aggregate demand downturn.
We observe heterogeneous responses in both loan components and secured/unsecured loans to monetary downturn: enterprise loans rise and personal loans fall; secured loans rise and unsecured loans fall. We also observe a contrast between the responses in the disaggregated loans to monetary downturn and the responses to aggregate demand downturn, which suggests that the responses in the disaggregated loans to monetary downturn is solely not caused by the drop in economic activities; instead, supply-side factor such as flight to quality is responsible for the heterogeneous response in the disaggregated loans during monetary downturn.

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