Credit Cycles.
International credit cycles: a regional perspective
... of credit cycles at cross- and intra-regional ...in Credit Cycles and their Ro le for Macro-prudential Policy ...countries‟ credit cycles) and endogenous (impact on other ...
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A Model of housing and credit cycles with imperfect market knowledge
... and credit cycles featuring distorted beliefs and comovement and mutual reinforcement between house price expectations and price developments via credit ...and credit expansion (contraction), ...
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Credit Cycles: Freewheeling, Driving or Driven: An Analogy of a Steam Train
... The mainstream tends to view money as neutral and, therefore, credit cycles freewheel alongside output fluctuations. Marginal analysis, for instance, makes use of static models to convey market conditions, ...
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Financial Instability - a Result of Excess Liquidity or Credit Cycles?
... high credit growth and house price ...preceding credit boom, the early 1990s was dominated by the S&L crisis, low credit growth and real house price ...substantial credit growth and house ...
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Bank Credit Cycles
... periodic credit crunches, swings between high and low credit alloca- tions, are an inherent part of banking due to the way banks compete for ...of credit banks are willing to extend, varies through ...
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Endogenous Credit Cycles
... erent credit limits and di " erent allocations, as well as dynamic equilibria where credit limits and allocations vary over time even if fundamentals do ...which credit conditions change randomly ...
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Does income inequality contribute to credit cycles?
... Roine et al. (2009) have shown that financial development, measured as the share of bank deposits and stock market capitalization, can have an effect on the income of the top 1%. 13 If the same applies to bank ...
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The Good, The Bad, and The Ugly: An Inquiry into the Causes and Nature of Credit Cycles
... involves credit rationing, where a fraction of the traders are denied the ...the credit cannot entice the potential lenders by promising a higher rate of return, because the lenders would know that the ...
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Information and credit cycles : Causes and consequences of financial instability
... Although pooling is a very strong and not necessarily realistic equilib- rium outcome, some pooling of applicants seems likely to have been present in the U.S. housing market prior to the financial crisis. Indeed, ...
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Credit Cycles, Credit Risk, and Prudential Regulation
... Credit markets are segmented across borrowers and across matu- rities. Therefore, it might be possible that the former aggregated results do not hold for particular market segments. To carry out this robustness ...
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Credit Cycles, Credit Risk, and Prudential Regulation
... lagged credit growth has a positive and significant impact on ex post credit risk ...past credit growth and current problem ...ing cycles of the Spanish ...Central Credit Register (CCR) ...
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Credit Cycles and Macro Fundamentals
... We first implement our model without any macro fundamentals to obtain a preliminary estimate of the credit cycle present in our data set. The results are presented in Table 1 and Figure 1. We estimate five ...
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Credit Constraints and Self-Fulfulling Business Cycles
... For helpful comments and suggestions, we are grateful to John Fernald, Reuven Glick, Chad Jones, Nobu Kiyotaki, Kevin Lansing, Richard Rogerson, Mark Spiegel, and seminar participants at the Bank of France, the Federal ...
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Credit, Prices, and Crashes: Business Cycles with a Sudden Stop
... Figure 2 shows the movements in relative prices and exchange rates using monthly data. The picture shows that the severe drop in the real exchange rate at the time of the December, 1994 devaluation reflected, in addition ...
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Schumpeter and Lederer on Growth, Technology, Credit and Business Cycles
... the credit market are therefore only likely to arise as the result of sudden prospects of large profits” (Lederer 1938, ...regarded credit as an indispensable phenomenon of economic expansion just like ...
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Capital requirements and business cycles with credit market imperfections
... We consider a closed economy populated by five types of agents: a represen- tative, infinitely-lived household, intermediate goods-producing (IGP) firms, a final-good-producing firm (or, equivalently, a retailer), a ...
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Business cycles in a credit constrained small open economy
... endogenous credit constraint on foreign borrowing th a t works in an open economy environment similar to the collateral and balance-sheet approaches of Bernanke and Gertler (1989) and Kiyotaki and Moore ...the ...
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When Credit Bites Back: Leverage, Business Cycles, and Crises
... excess credit before the crisis to compare outcomes (actual data to mid- 2012 plus the Federal Open Market Committee’s Economic Projection mid- point to end- 2012 and population growth trends) with the path that ...
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Resuscitating the credit cycle
... improves the borrowers’ credit worthiness, which relaxes their future borrowing constraints. These two factors reinforce each other dynamically, generating a cumulative process of expan- sion once the economy is ...
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Leaning Against Boom-Bust Cycles in Credit and Housing Prices
... of credit-constrained ...to credit growth and Borrowers are better off under the LTV rule that responds to credit growth (as already seen in Table ...
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