Credit Matters: Empirical Evidenceon U.S. Macro-Financial Linkages
This paper develops a framework for analyzing macro-financial linkages in the United States. We estimate the effects of a negative shock to banks'' capital/assetratio on lending standards, which in turn affect consumer credit, mortgages, and corporate loans, and the corresponding component...
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| Main Author: | |
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| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C
International Monetary Fund
2008
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| Series: | IMF Working Papers
Working Paper No. 08/169 |
| Subjects: | |
| Online Access: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Summary: | This paper develops a framework for analyzing macro-financial linkages in the United States. We estimate the effects of a negative shock to banks'' capital/assetratio on lending standards, which in turn affect consumer credit, mortgages, and corporate loans, and the corresponding components of private spending (consumption, residential investment and business investment). In addition, our empirical model allows for feedback from spending and income to bank capital adequacy and credit. Hence, we trace the full credit cycle. An exogenous fall in the bank capital/asset ratio by one percentage point reduces real GDP by some 11⁄2 percent through its effects on credit availability, while an exogenous fall in demand of 1 percent of GDP is gradually magnified to around 2 percent through financial feedback effects |
| Physical Description: | 1 Online-Ressource (27 p) |
| ISBN: | 1451870272 9781451870275 |
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| index_date | 2024-07-03T20:13:25Z |
| indexdate | 2024-07-10T09:35:34Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Bayoumi, Tamim Verfasser aut Credit Matters Empirical Evidenceon U.S. Macro-Financial Linkages Bayoumi, Tamim Washington, D.C International Monetary Fund 2008 1 Online-Ressource (27 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 08/169 This paper develops a framework for analyzing macro-financial linkages in the United States. We estimate the effects of a negative shock to banks'' capital/assetratio on lending standards, which in turn affect consumer credit, mortgages, and corporate loans, and the corresponding components of private spending (consumption, residential investment and business investment). In addition, our empirical model allows for feedback from spending and income to bank capital adequacy and credit. Hence, we trace the full credit cycle. An exogenous fall in the bank capital/asset ratio by one percentage point reduces real GDP by some 11⁄2 percent through its effects on credit availability, while an exogenous fall in demand of 1 percent of GDP is gradually magnified to around 2 percent through financial feedback effects Online-Ausg Bank assets Econometric models United States Credit United States Econometric models United States / Economic conditions / Econometric models Electronic books Melander, Ola Sonstige oth http://elibrary.imf.org/view/IMF001/09327-9781451870275/09327-9781451870275/09327-9781451870275.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Bayoumi, Tamim Credit Matters Empirical Evidenceon U.S. Macro-Financial Linkages Bank assets Econometric models United States Credit United States Econometric models |
| title | Credit Matters Empirical Evidenceon U.S. Macro-Financial Linkages |
| title_auth | Credit Matters Empirical Evidenceon U.S. Macro-Financial Linkages |
| title_exact_search | Credit Matters Empirical Evidenceon U.S. Macro-Financial Linkages |
| title_exact_search_txtP | Credit Matters Empirical Evidenceon U.S. Macro-Financial Linkages |
| title_full | Credit Matters Empirical Evidenceon U.S. Macro-Financial Linkages Bayoumi, Tamim |
| title_fullStr | Credit Matters Empirical Evidenceon U.S. Macro-Financial Linkages Bayoumi, Tamim |
| title_full_unstemmed | Credit Matters Empirical Evidenceon U.S. Macro-Financial Linkages Bayoumi, Tamim |
| title_short | Credit Matters |
| title_sort | credit matters empirical evidenceon u s macro financial linkages |
| title_sub | Empirical Evidenceon U.S. Macro-Financial Linkages |
| topic | Bank assets Econometric models United States Credit United States Econometric models |
| topic_facet | Bank assets Econometric models United States Credit United States Econometric models |
| url | http://elibrary.imf.org/view/IMF001/09327-9781451870275/09327-9781451870275/09327-9781451870275.xml |
| work_keys_str_mv | AT bayoumitamim creditmattersempiricalevidenceonusmacrofinanciallinkages AT melanderola creditmattersempiricalevidenceonusmacrofinanciallinkages |