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Persistent link: https://www.econbiz.de/10005486713
Structural Vector Autoregressions (SVAR) by focusing on the effects of monetary policy, credit supply and housing demand shocks … policy shocks in the U.S. The evidence is less clear-cut for housing demand shocks. Finally, credit supply shocks seem to …
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This paper summarizes the results attained by the Eurosystem in harmonizing the statistics used for the conduct of monetary policy. Since the creation of the euro area, in January 1999, significant progress has been made in the harmonization of data on banks’ balance sheets, central banks and...
Persistent link: https://www.econbiz.de/10011277926
We model the determinants of loans to non-financial corporations in the euro area. Using the Johansen (1992) methodology, we identify three cointegrating relationships. These relationships are interpreted as the long-run loan demand, investment and loan supply equations. The short-run dynamics...
Persistent link: https://www.econbiz.de/10009654298
countries with heterogeneous "credit channels". In order to better insulate the economies from the asymmetric effects produced …
Persistent link: https://www.econbiz.de/10005671384
The paper explores whether and how current lending-of-last-resort can be extended beyond national borders. It argues that what makes lending of last resort effective at the national level is a blend of resource availability, technical discretion, ex-ante supervision, and powers of enforcement....
Persistent link: https://www.econbiz.de/10005671396
the fiscal regime when the signaling effect on credit ratings is larger (that is, when a sufficiently large stock of debt … the credit rating function and we successfully test it on Irish, Belgian, and Danish data from the late 1970s to the early …
Persistent link: https://www.econbiz.de/10005113576