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Displaying results 1 to 9 of 9.

  1. Credit, financial conditions and the business cycle in China
    Author: Lodge, David; Soudan, Michel
    Published: [2019]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper presents empirical evidence of the role of financial conditions in China's business cycle. We estimate a Bayesian-VAR for the Chinese economy, incorporating a financial conditions index for China that captures movements across a range of... more

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    This paper presents empirical evidence of the role of financial conditions in China's business cycle. We estimate a Bayesian-VAR for the Chinese economy, incorporating a financial conditions index for China that captures movements across a range of financial variables, including interest rates and interbank spreads, bond returns, and credit and equity flows. We impose sign restrictions on the impulse response functions to identify shocks to financial conditions and shocks to monetary policy. The model suggests that monetary policy, credit and financial conditions have played an important role in shaping China's business cycle. Using conditional scenarios, we examine the role of credit in shaping economic outcomes in China over the past decade. Those scenarios underscore the important role of credit growth in supporting activity during the past decade, particularly the surge in credit following the global financial crisis in 2008. The financial tightening since the end of 2016 has contributed to a modest slowing of credit growth and activity.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289935067
    Other identifier:
    hdl: 10419/208278
    Series: Working paper series / European Central Bank ; no 2244 (February 2019)
    Subjects: Monetary policy; credit conditions; financial conditions index; Bayesian VAR
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  2. Whatever it takes
    what's the impact of a major nonconventional monetary policy intervention?
    Author: Alcaraz, Carlo; Claessens, Stijn; Cuadra, Gabriel; Marqués Ibáñez, David; Sapriza, Horacio
    Published: [2019]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We assess how a major, unconventional central bank intervention, Draghi's "whatever it takes" speech, affected lending conditions. Similar to other large interventions, it responded to adverse financial and macroeconomic developments that also... more

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    We assess how a major, unconventional central bank intervention, Draghi's "whatever it takes" speech, affected lending conditions. Similar to other large interventions, it responded to adverse financial and macroeconomic developments that also influenced the supply and demand for credit. We avoid such endogeneity concerns by focusing on a third country and comparing lending conditions by euro area and other banks to the same borrower. We show that the intervention reversed prior risk-taking - in volume, price, and loan credit ratings - by subsidiaries of euro area banks relative to local and other foreign banks. Our results document a new effect of large central banks' interventions and are robust along many dimensions.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289935111
    Other identifier:
    hdl: 10419/208283
    Series: Working paper series / European Central Bank ; no 2249 (March 2019)
    Subjects: Unconventional monetary policy; credit conditions; spillovers
    Scope: 1 Online-Ressource (circa 50 Seiten)
  3. Consumption and wealth
    new evidence from Italy
    Author: De Bonis, Riccardo; Liberati, Danilo; Muellbauer, John; Rondinelli, Concetta
    Published: [2020]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Temi di discussione / Banca d'Italia ; number 1304 (November 2020)
    Subjects: Liquid and illiquid assets; permanent income; credit conditions
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  4. Collateral requirements in central bank lending
    Author: Du, Chuan
    Published: June 2022
    Publisher:  Bank of England, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Staff working paper / Bank of England ; no. 987
    Subjects: Collateral; leverage; credit conditions; monetary policy; general equilibrium
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  5. The (heterogenous) economic effects of private equity buyouts
    Author: Davis, Steven J.; Haltiwanger, John C.; Handley, Kyle; Lerner, Joshua; Lipsius, Ben; Miranda, Javier
    Published: [18. März 2022]
    Publisher:  Halle Institute for Economic Research (IWH) - Member of the Leibniz Association, Halle (Saale), Germany

    The effects of private equity buyouts on employment, productivity, and job reallocation vary tremendously with macroeconomic and credit conditions, across private equity groups, and by type of buyout. We reach this conclusion by examining the most... more

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    The effects of private equity buyouts on employment, productivity, and job reallocation vary tremendously with macroeconomic and credit conditions, across private equity groups, and by type of buyout. We reach this conclusion by examining the most extensive database of U.S. buyouts ever compiled, encompassing thousands of buyout targets from 1980 to 2013 and millions of control firms. Employment shrinks 13% over two years after buyouts of publicly listed firms - on average, and relative to control firms - but expands 13% after buyouts of privately held firms. Post-buyout productivity gains at target firms are large on average and much larger yet for deals executed amidst tight credit conditions. A post-buyout tightening of credit conditions or slowing of GDP growth curtails employment growth and intra-firm job reallocation at target firms. We also show that buyout effects differ across the private equity groups that sponsor buyouts, and these differences persist over time at the group level. Rapid upscaling in deal flow at the group level brings lower employment growth at target firms.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/251587
    Series: IWH discussion papers ; 2022, no. 10 (March 2022)
    Subjects: Private Equity; Übernahme; Wirkungsanalyse; Beschäftigungseffekt; USA; administrative data; business cycle; credit conditions; employment; private equity; productivity
    Scope: 1 Online-Ressource (III, 90 Seiten, 3,58 MB), Diagramme
  6. Identifying the transmission channels of credit supply shocks to household debt
    price and non-price effects
    Author: Varadi, Alexandra
    Published: June 2021
    Publisher:  Bank of England, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Staff working paper / Bank of England ; no. 927
    Subjects: Household finance; bank lending; credit conditions; mortgages
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  7. Corporate bond market distress
    Author: Boyarchenko, Nina; Crump, Richard K.; Kovner, Anna; Shachar, Or
    Published: [2024]
    Publisher:  Federal Reserve Bank of Richmond, Richmond

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Working paper series / Federal Reserve Bank of Richmond ; WP 24, 09
    Subjects: credit conditions; primary and secondary corporate bond market; dimension reduction; financial conditions; real activity
    Scope: 1 Online-Ressource (circa 65 Seiten), Illustrationen
    Notes:

    This working paper was originally published in January 2021, revised September 2024, as Federal Reserve Bank of New York Staff Reports no. 957
  8. The (Heterogenous) Economic Effects of Private Equity Buyouts
    Author: Davis, Steven J.; Haltiwanger, John C.; Handley, Kyle; Lerner, Joshua; Lipsius, Ben; Miranda, Javier
    Published: 2022
    Publisher:  Leibniz-Institut für Wirtschaftsforschung Halle - IWH, Halle (Saale)

  9. Credit disruptions and the spillover effects between the household and business sectors
    Author: Nilavongse, Rachatar
    Published: 2013
    Publisher:  Kiel Inst. for the World Economy, Kiel

    This paper studies the effects of credit supply disruptions in a dynamic stochastic general equilibrium (DSGE) framework. First, this paper examines the effects of credit supply disruptions in the business sector. The model with financially... more

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    This paper studies the effects of credit supply disruptions in a dynamic stochastic general equilibrium (DSGE) framework. First, this paper examines the effects of credit supply disruptions in the business sector. The model with financially constrained households generates a bigger decline in aggregate consumption and GDP than the model without financially constrained households. The reason is that the spillover effect from the business sector to the household sector occurs through a labor income channel. With financially constrained households in the model, a collateral channel strengthens the spillover effects and amplifies business cycles. Then this paper examines the effects of credit supply disruptions in the household sector. A tightening of household credit conditions causes a substantial drop in aggregate consumption, which pushes inflation downward. Debt deflation further depresses consumption, labor demand, and investment, altogether generating a sharp decline in GDP.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/81544
    Series: Economics / Discussion papers ; 2013-48
    Subjects: Financially constrained households; entrepreneurs; credit conditions; spillover effects; housing prices; collateral value
    Scope: Online-Ressource (29 S.), graph. Darst.