BIS Review 70/1998  -2-  With respect to corporate finance, some firms are moving to resume securing on-hand liquidity against the cautious lending stance of private banks, although credit demand for real economic activities remains sluggish.
Consequently, the issuance of corporate bonds and commercial paper continues to increase, and the private bank lending, measured by annual percent changes, has escaped further decline so far. In addition, the growth of money stock appears to hold back its recent decelerating trend.