Credit channel Research Papers - Academia.edu (original) (raw)

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- Monetary Policy, Credit channel, Monetary Transmission Mechanisms
- by John O. S. Wilson
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- Applied Mathematics, European integration, Banking, Competition

Neste trabalho estudamos o mecanismo do canal de crédito na economia brasileira. Foram usados os testes de raiz unitária de Dickey-Fuller, de causalidade de Granger e o de cointegração de Johansen com o objetivo de aplicar o modelo VAR/VEC à realidade do país. Nossa análise ocorre em dois períodos econômicos: jun.1999/jun.2004 (menor volume de crédito) e jun.2004/jun.2010 (maior volume de crédito). Buscamos suporte teórico nos autores que trabalham com o mecanismo do canal do crédito na linha pós-keynesiana (Fonseca in Oreiro, Paula e Sobreira, 2009), com o mecanismo de transmissão monetária (Bofinger, 2001) e com o regime de política de metas (Rocha e Oreiro, 2008). O trabalho analisa o mecanismo do crédito e seu impacto na taxa básica de juros, bem como compara os resultados da pesquisa à política monetária adotada pelo Banco Central do Brasil na última década.

The theoretical – intuitive analysis applied to the segment of monetary transmission evidences the fact that forming the traditional monetary impulses transmission channels are in a starting phase due to the long financial non – intermediary process which Romanian economy had known. In these conditions, the exchange rate channel, and also NBR currency purchases was, for a long time, an

- by MAGDALENA RADULESCU
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- Monetary Policy, Moral Hazard, Exchange rate, Credit channel
- by Gabriel Jimenez
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- Monetary Policy, Capital, Liquidity, Business Cycle

Para politikasındaki bir değişikliğin hasıla üzerindeki etkisi, parasal aktarım
kanalları aracılığı ile gerçekleşmektedir. Para politikasının aktarım kanalları, faiz
kanalı, varlık fiyatları kanalı, döviz kuru kanalı, kredi kanalı (banka kredileri kanalı,
bilanço kanalı) ve beklenti kanalı olmak üzere beş alt başlık altında toplanabilir.
Aktarım kanallarının işleyiş sürecinin analizinden elde edilen bulgular, politika
belirleme sürecinde kullanılabilir.
Bu çalışmanın amacı, banka kredileri kanalının Türkiye’de işleyişini analiz etmektir.
Çalışmada VAR yöntemi ile kredi kanalının geçerliliği, 1996:06-2006:09 dönemine
ait toplulaştırılmış veriler kullanılarak incelenmektedir. Elde edilen sonuçlara göre,
Türkiye’de kredi kanalı kısmen işlemektedir.

- by Sinem Gözde Beşballı
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- Monetary Policy, Exchange rate, Credit channel, Interest Rate

This paper provides a systematic empirical study of the role of credit market frictions in the transmission of monetary shocks. First, using macro data for a developing economy (Pakistan), we show that banking spreads are countercyclical, even when we control for credit risk, monetary policy and potential maturity mismatches. Moreover, we find that this anticyclical nature is accentuated in the

- by Vasco Gabriel
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- Emerging Economies, Monetary Policy, Credit Risk, BanK Lending
- by Leonardo Gambacorta
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- Economic Theory, Applied Economics, Monetary Policy, DSGE

This study investigates on which channels the monetary transmission mechanism works effectively. In this context, quarterly data for the period 2005-2017 is used for Turkey and the variables used to determine the efficiency of the monetary transmission mechanism are analyzed by the VAR method. The obtained results indicate that the loans and reserves have a more effective role on the inflation as a channel of the monetary transmission mechanism. According to the long run results, while the exchange rate and reserves channel have a negative effect on the real GDP, it is revealed that loans have a positive effect on the real GDP in the long run stabilization.

- by Atakan DURMAZ
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- Monetary Policy, Inflation, Credit channel, Monetary Transmission Mechanisms
- by fabrizio coricelli
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- Econometrics, Eastern Europe, Applied Economics, Monetary Policy
- by Jeffrey Nilsen
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- Economic Theory, Applied Economics, Monetary Policy, Small Firms

In 1867, the "Compromise" between Austria and Hungary laid the foundation of a single currency system with a common central bank. As in todayÂ’s euroland, each part of the monarchy remained sovereign in fiscal matters. Moreover, the borrowing needs of both parts of the monarchy were quite large, since Austria and Hungary sought to promote their own economic development through government spending. Yet no Â‘fiscal stability pactÂ’ existed: the two countries could run deficits to the extent of the public's willingness to lend to them. They were thus only subjected to the discipline of the capital market. This paper documents the record of the Austro-Hungarian monetary union and shows how this discipline led to a process of increased power of the central bank.

- by Marc Flandreau
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- Economic Development, Panel Data, Credit channel, Monetary Unions
- by Daniela Federici
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- Econometrics, Time Series, Economic Growth, Financial Liberalization

The process of transmitting monetary policy impulses to the real economy presents o series of particularities from one country to another, mainly because of the diversity of financial systems. Thereby, the functionality of various monetary policy transmission channels is significantly influenced by the specific features of each country's financial system. The objective of this paper is to highlight some of the key features of the monetary policy transmission mechanism in Romania, taking into consideration the dominant role of the banking sector in the national financial system.

- by Angela ROMAN
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- Monetary Policy, Financial System, Credit channel, Banking Sector
- by Carlotta Rossi and +1
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- Applied Economics, Monetary Policy, The mortgage channel of monetary policy transmission, Euro Area

Standard models of the Bank Lending Channel are unable to yield predictions on the differential impact of monetary policy shocks over heterogeneous borrowers. This inability has made researchers doubt about the role played by bank credit as a transmission mechanism of monetary policy. Moreover, it has made them reject those models in favor of the Balance Sheet Channel as a transmission mechanism. In this paper we show that an “augmented” version of the Bank Lending Channel that allows for firm heterogeneity (but without any role for firms’ balance sheets) reproduces well the dynamics of firm-level data. Our contribution is to show that it is not clear that the Bank Lending Channel should be rejected in favor of alternative theories on the basis of its inability to reproduce firm-level data. Thus, there is additional room for econometric tests that can provide support to the Bank Lending Channel.

- by Roger Diaz
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- Economic Theory, Applied Economics, Monetary Policy, Firm-Level Data

Within Kyrgyzstan, microfinance provides the largest source of credit for lowincome households. The allocation of these loans between current consumption and investment has a direct bearing on the impact these loans have on rural development. For investigating this allocation, a multivariate Probit model is developed and populated with borrowers’ loan allocations from 2006 to 2010. Key factors considered are education, gender, equipment ownership, and geographical region. Results indicate that the Naryn region has the largest impact on borrowers’ likelihood to allocate loans toward food and the smallest (negative) impact on the probability of starting a new business. Mobile phone and livestock ownership were identified as two key factors, which decreases borrowers’ probability of using loans to purchase food and increases the probability of agricultural investment or to start a business.

- by Glenn Ames and +1
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- Business, Development Economics, Microfinance, Credit channel
- by timothy opiela
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- Economic Theory, Applied Economics, Monetary Policy, Credit channel

This paper investigates monetary policy transmission at the microeconometric level. The credit rationing literature suggests that monetary policy has a larger effects on firms which are credit constrained. I use a large panel of German industrial firms to investigate whether this is empirically true in the German case. Whereas interest rates have only a weak effect on investment, I find strong evidence that monetary policy affects constrained firms more than others. Furthermore, investment is more sensitive to financial structure in periods of tight monetary policy. This contrasts earlier findings by St�� (1996). The same result applies for periods of monetary tightness. I conclude that the credit channel is dominant in Germany. Given the findings for other countries this result indicates that financial systems in the Euro area are less different than suggested in previous studies.

- by Nikolaus Siegfried
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- Panel Data, Monetary Policy, Financial System, Euler Equations
- by Nicholas Dimsdale
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- Applied Economics, Monetary Policy, Bank Capital, Asymmetric Information

This paper addresses the bank credit channel of monetary policy in the Philippines by adding and respecifying a dynamic, structural, economy-wide macro econometric model. The main question is whether the credit channel matters in transmitting impulses to the real economy in the Philippines. The evidence on the bank credit channel is obtained by estimating changes in bank credit that take into account not only the monetary policy indicators, but specific banking indicators to monetary policy actions, such as bank capital. Simulation results suggest that bank credit channel matters in Philippine monetary transmission mechanism. The total demand impact of changes in bank credit is the sum of various effects in the money supply, Treasury bill and lending rates, personal consumption and investment, all of which have significant impact on aggregate demand. However, the impact of a monetary policy tightening on output appears to be relatively moderate and quite long. Meanwhile, the impact ...

- by Veronica Bayangos
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- Economics, Monetary Policy, Bank Capital, Liquidity

This paper analyzes the effects of different monetary policy transmiss ion channels in Serbia as well as their implications for the current monetary policy framework and instruments. It has become apparent that, for the time being there are two active channels: the exchange rate channel and the expectations channel. Although the effect of transmission of the exchange rate on prices is dominant, the central bank is determined to conduct its monetary policy within the framework of an inflation targeting monetary strategy. In the future, other channels -primarily the interest rate and credit channels – are expected to become active as well. However, it should be said that the use of administrative measures has so far not been efficient in strengthening these channels. The Conclusion of the paper draws attention to the difficulties faced by monetary policymakers in the absence of support from other policies, especially fiscal policy.

- by diana dragutinovic
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- Fiscal policy, Monetary Policy, Exchange rate, Credit channel
- by Benoit Mojon
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- Economic Theory, Monetary Policy, United States, Exchange rate
- by Ali Choudhary
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- Business, Finance, Emerging Economies, Monetary Policy
- by shams ullah
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- Business, Finance, Emerging Economies, Monetary Policy
- by Javier Suarez
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- Economics, European Economic Integration, Money, Monetary Policy
- by eloisa campioni
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- Monetary Policy, Profitability, Credit channel, Credit Market
- by Fatih Macit
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- Banking, Monetary Policy, Credit channel
- by Ali Choudhary
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- Emerging Economies, Monetary Policy, Credit Risk, BanK Lending
- by Ali Choudhary
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- Emerging Economies, Monetary Policy, Credit Risk, BanK Lending
- by Vasco J . Gabriel
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- Business, Finance, Emerging Economies, Monetary Policy

This study analyzed the interest rate channel, credit channel, exchange rate channel and asset price channel for monetary policy transmission mechanism in Namibia. The idea behind this study is to have a comprehensive study that covers a variety of channels for monetary policy transmission mechanism. The study utilized a Bayesian vector autoregression (BVAR) technique on quarterly time-series data covering the period 2000:Q1 to 2016:Q4. In particular, the validity of the data used is checked and verified by using two sets of prior distributions suggested by Sims and Zha as well as prior distribution of Koop and Korobilis. The variables used in this study are real output (Yt), real effective exchange rate (Et), inflation rate (P t), repo rate (Rt), housing price index (Ht) and credit extended to private sector (Lt). The findings revealed that interest rate and credit channels remain important in the transmission mechanism to this day. Notably the exchange rate and asset price channel...

- by Sylvanus Ikhide
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- Credit channel, Interest Rate
- by Michael Belongia
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- Economic Theory, Applied Economics, Monetary Policy, Vector Autoregression
- by Michael Belongia
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- Monetary Policy, Developing Country, Vector Autoregression, Credit channel
- by Walid Hejazi
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- Applied Economics, Monetary Policy, Regression Analysis, Cost of Capital

I build a general equilibrium financial accelerator model that incorporates an explicit technology for the intermediary sector. A credit multiplier emerges because of a borrowing constraint that is a function of asset prices, internal funds and lending rates. With this financial friction I show that small changes in the productivity and intermediation costs of banks generate large and persistent fluctuations

- by Andres Arias
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- General Equilibrium, Credit channel, Desarrollo y Sociedad, Bank Regulation
- by Glenn Rudebusch
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- Monetary Policy, United States, Small Firms, Credit channel
- by Arthur Grimes
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- Finance, Economics, Financial Economics, Banking

This paper investigates the role of credit market frictions in the transmission of monetary shocks in Pakistan. First, using macro data, it is shown that banking spreads are countercyclical, even it is controlled for credit risk, monetary... more

- by Vasco Gabriel
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- Emerging Economies, Monetary Policy, Investment Banking, Credit Risk
- by Stilianos Fountas
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- Economics, European Union, Applied Economics Letters, Monetary Policy

- by Vasco J . Gabriel
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- Business, Finance, Emerging Economies, Monetary Policy
- by Riccardo Fiorentini
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- Economics, Monetary Policy, Credit Risk, Credit channel
- by Ali Kutan
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- Applied Mathematics, Emerging Economies, United Kingdom, Global Financial Crisis
- by Bernd Kempa and +1
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- Economic integration, Applied Economics, United Kingdom, Monetary Policy

This paper analyzes the effectiveness of monetary transmission channels in Ukraine since the National Bank of Ukraine (NBU) transitioned to inflation targeting and after the central bank established its new approach to monetary policy implementation. The authors conclude that the central bank has sufficient control over short-term interest rates in the interbank market and that it uses them to influence other financial market indicators. At the same time, further transmission via the interest rate channel is constrained by weak lending and the banking system’s slow post-crisis recovery. The exchange rate channel remains the most powerful avenue of monetary transmission. After the NBU switched to a floating exchange rate and an active interest rate policy, its key rate became a means of influencing exchange rates. The exchange rate channel’s leading role is expected to gradually decrease but remains important, as is typical for small open economies.

- by Oleksandr Zholud
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- Economics, Monetary Economics, Monetary Policy, Inflation
- by Anca Bandoi
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- Economics, Monetary Economics, Monetary Policy, Credit channel
- by Manuel Adelino
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- Economic Theory, Applied Economics, Credit Ratings, Financial Studies