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Persistent link: https://www.econbiz.de/10011695915
This paper examines the relation between money and housing variables in the euro area and in the US. Our empirical model is based on a standard money demand relation which is augmented by housing market variables. In doing so, co-integrated money demand relationships can be established for both...
Persistent link: https://www.econbiz.de/10010295851
From the onset of the 2007-2009 crisis, the Federal Reserve and the European Central Bank have aggressively lowered interest rates. Both sets of changes are at odds with an anti-inflationary stance of monetary policy; indeed, as the crisis began in August 2007 inflation expectations were high...
Persistent link: https://www.econbiz.de/10011605268
Using a unique dataset of the Euro area and the U.S. bank lending standards, we find that low (monetary policy) short-term interest rates soften standards, for household and corporate loans. This softening – especially for mortgages – is amplified by securitization activity, weak supervision...
Persistent link: https://www.econbiz.de/10011605294
Although the United States and the European Union were both seriously impacted by the financial crisis of 2007, the resulting policy debates and regulatory responses have differed considerably on the two sides of the Atlantic. In this paper the authors examine the debates on the problem posed by...
Persistent link: https://www.econbiz.de/10010317335
Constructing a strong and unique instrument for bank capital from the empirical observation of Japanese banks' past behavioral changes, we identify the impact of capital adequacy on the allocation of bank lending supply across low quality and high quality borrowers. We find that, in FY 1997, a...
Persistent link: https://www.econbiz.de/10010332305
by the U.S. in the early 1990s and Japan in the late 1990s, are still being debated due to a lack of any convincing …
Persistent link: https://www.econbiz.de/10010332337
Das Ziel der umfassenden Finanzmarktreform "Financial Big Bang" in Japan war die Bildung eines international …
Persistent link: https://www.econbiz.de/10010377560
How do financial development and financial integration interact? We focus on Japan's Great Recession after 1990 to … reference to prefectures' different historical pathways to financial development. After Japan's opening to trade in the 19th …, the main export hub for silk, provided silk reelers with trade loans. Many regional banks in Japan were founded as local …
Persistent link: https://www.econbiz.de/10010316944
Persistent link: https://www.econbiz.de/10008275828