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ve view is that of Borio et al. (2001) and Lowe (2003), who state that credit risks are built up during a boom, particularly when loan growth is relatively high. Secondly, provisioning may also depend on earnings, as assumed in the so-called income-smoothing hypothesis. An alternative explanation of smooth income is that prudent banks may behave far-sighted and provide for lean years during fat years. Sound provisioning when lending grows and flattening of earnings reduce the procyclical behavior of provisioning. A number of recent studies in the economic literature investigate provisioning behavior and procyclicality. They tend to focus on certain aspects of provisioning or analyze one individual country only, e.g. Greenawalt and Sinkey (1988, 1991), Arpa et al. (2001), de Lis et al. (2001) and Pain (2003). We have opted for a wider approach, developing a more comprehensive provisioning model and employing a large set of 8000-bank year observations from the past decade and from all 29 OECD countries. This approach allowed us to compare bank-provisioning behavior across countries, and may reveal typical worldwide conduct regarding loan loss provisioning as well as idiosyncratic country specific deviations.

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