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The Cyclical Behavior of Household and Corporate Credit in Emerging Economies
Sim, Seung-Gyu - 2020
Standard consumption-investment theory predicts counter-cyclical (pro-cyclical) behavior of household (corporate) credit whereby households' consumption smoothing and firms' investment motives are aligned. Counter to the theoretical symbiosis consistent with U.S. data, we demonstrate not only in...
Persistent link: https://www.econbiz.de/10012853455
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On the mechanics of fiscal inflations
Bassetto, Marco; Benzoni, Luca - 2024
view of inflation. Second, we discuss how the recent inflationary episode has contributed to redistributing real resources …
Persistent link: https://www.econbiz.de/10014634111
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Private sector credit and inflation volatility
Katusiime, Lorna - In: Economies : open access journal 6 (2018) 2, pp. 1-13
This paper investigates the effect of inflation volatility on private sector credit growth. The results indicate that … private sector credit growth is positively linked to the one period lagged inflation volatility. Given that past monetary … positive response of private sector credit growth to past inflation volatility suggests a credible monetary policy regime in …
Persistent link: https://www.econbiz.de/10011853882
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The unintended consequences of the debt: Will increased government expenditure hurt the economy?
Werner, Richard A. - 2011
In 2008, governments in many countries embarked on large fiscal expenditure programmes, with the intention to support the economy and prevent a more serious recession. In this study, the overall impact of a substantial increase in fiscal expenditure is considered by providing a novel analysis of...
Persistent link: https://www.econbiz.de/10010308564
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Non-Performing loans fiscal costs and credit expansion in China
Bi, Huixin; Cao, Yongquan; Dong, Wei - 2018
This paper studies how the credit expansion policy pursued by the Chinese government in an effort to stimulate its economy in the post-crisis period affects bank-firm loan contracts and the macroeconomy. We build a structural model with financial frictions in which the optimal loan contract...
Persistent link: https://www.econbiz.de/10011921953
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The unintended consequences of the debt: Will increased government expenditure hurt the economy?
Werner, Richard A. - Center for Financial Studies - 2011
In 2008, governments in many countries embarked on large fiscal expenditure programmes, with the intention to support the economy and prevent a more serious recession. In this study, the overall impact of a substantial increase in fiscal expenditure is considered by providing a novel analysis of...
Persistent link: https://www.econbiz.de/10010958773
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The Credit Channel of Fiscal Policy Transmission
Bird, Andrew; Karolyi, Stephen A.; Lewellen, Stefan; … - 2022
We propose and test a new channel through which fiscal policy changes affect the supply of intermediated credit and the real economy. Lenders that have greater exposure to firms expected to repatriate a significant amount of foreign income as a result of a 2004-2005 U.S. tax holiday subsequently...
Persistent link: https://www.econbiz.de/10013492104
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West African Economic and Monetary Union : staff report on common policies for member countries : press release; staff report; and statement by the Executive Director for the WAEMU
Internationaler Währungsfonds - 2022
The WAEMU has, so far, demonstrated strong resilience to the Covid crisis. The economic rebound that started in the second half of 2020 firmed up in 2021, while fiscal and monetary policies remained supportive. External reserves have risen to comfortable levels and the financial system appears...
Persistent link: https://www.econbiz.de/10013168854
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On the mechanics of fiscal inflations
Bassetto, Marco; Benzoni, Luca; Hall, Jason - 2024
view of inflation. Second, we discuss how the recent inflationary episode has contributed to redistributing real resources …
Persistent link: https://www.econbiz.de/10015054274
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Bank finance versus bond finance : what explains the differences between US and Europe?
De Fiore, Fiorella (contributor); Uhlig, Harald (contributor) - 2005
We present a dynamic general equilibrium model with agency costs, where heterogenous firms choose among two alternative instruments of external finance - coporate bonds and bank loans. We characterize the financing choice of firms and the endogeous financial structure of the economy. The...
Persistent link: https://www.econbiz.de/10003323002