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A general equilibrium analysis of inflation and microfinance in developing countries
Müller, Daniel - 2013
This paper analyses the welfare effects of microfinance and inflation in developing countries. Therefore, we introduce … microfinance institution induces peer monitoring, which in turn enables entrepreneurship. Our main result is that there exists an … inflation threshold beyond which entrepreneurship collapses. We show that inflation affects the impact of microfinance on social …
Persistent link: https://www.econbiz.de/10009772193
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Implications of banking marketization for the lending channel of monetary policy transmission: Evidence from China
Hou, Xiaohui; Wang, Qing - In: Journal of Macroeconomics 38 (2013) PB, pp. 442-451
This paper examines how banking marketization affects the transmission of monetary policy through the bank lending channel, and tests whether the relationship between banking marketization and the transmission of monetary policy changes across heterogeneous banks. Our results suggest that as the...
Persistent link: https://www.econbiz.de/10010719788
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Real estate market evolution and monetary policy in Kazakhstan
Ybrayev, Zhandos; Becker, Charles M. - 2019
This paper considers the link between macroeconomic policy and housing demand in an upper middle-income transition economy, Kazakhstan. The paper further explores price cointegration and contagion across cities. We find evidence that some parts of the housing market lead others but that,...
Persistent link: https://www.econbiz.de/10012125724
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Evolution of Monetary Policy Instruments in Russia
Baliño, Tomás - 2006
This paper analyzes the evolution of monetary policy in Russia, focusing on the period January 1992-December 1995. Special attention is given to the role of monetary policy instruments. Initially, policy was completely dominated by flows of credit from the Central Bank of the Russian Federation...
Persistent link: https://www.econbiz.de/10012781560
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How do mortgage rate resets affect consumer spending and debt repayment? Evidence from Canadian consumers
Kartashova, Katya; Zhou, Xiaoqing - 2020
We study the causal effect of mortgage rate changes on consumer spending, debt repayment, and defaults during an expansionary and a contractionary monetary policy episode in Canada. Our identification takes advantage of the fact that the interest rates of short-term fixed-rate mortgages (the...
Persistent link: https://www.econbiz.de/10012619568
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Monetary policy normalisation and mortgage arrears in a recovering economy : the case of the Irish residential market
Slaymaker, Rachel; O'Toole, Conor; McQuinn, Kieran; … - 2019
In this paper we examine the sensitivity of mortgage arrears for Irish households to changes in mortgage interest rates under a series of plausible monetary policy normalisation scenarios. Using panel data over the period 2004 - 2016 we exploit information on current income and current mortgage...
Persistent link: https://www.econbiz.de/10011986617
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How do mortgage refinances affect debt, default, and spending? : evidence from HARP
Abel, Joshua; Fuster, Andreas - 2018
We use quasi-random access to the Home Affordable Refinance Program (HARP) to identify the causal effect of refinancing a mortgage on borrower balance sheet outcomes. We find that on average, refinancing into a lower-rate mortgage reduced borrowers' default rates on mortgages and nonmortgage...
Persistent link: https://www.econbiz.de/10011806262
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Monetary normalizations and consumer credit : evidence from Fed liftoff and online lending
Bertsch, Christoph; Hull, Isaiah; Zhang, Xin - 2016 - Revised May 2017
On December 16th of 2015, the Fed initiated "liftoff", a critical step in the monetary normalization process. We use a unique panel dataset of 640,000 loan-hour observations to measure the impact of liftoff on interest rates, demand, and supply in the online primary market for uncollateralized...
Persistent link: https://www.econbiz.de/10011901382
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Monetary Normalizations and Consumer Credit : Evidence from Fed Liftoff and Online Lending
Bertsch, Christoph; Hull, Isaiah; Zhang, Xin - 2020
On December 16th of 2015, the Fed initiated “liftoff,” a critical step in the monetary normalization process. We use a unique panel dataset of 640,000 loan-hour observations to measure the impact of liftoff on interest rates, demand, and supply in the online primary market for...
Persistent link: https://www.econbiz.de/10014352411
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What triggers consumer adoption of Central Bank digital currency?
Bijlsma, Michiel J.; Cuijsen, Carin van der; Jonker, Nicole - 2021
Central banks around the world are examining the possibility of introducing Central Bank Digital Currency (CBDC). The public’s preferences concerning the usage of CBDC for paying and saving are important determinants of the success of CBDC. Using data from a representative panel of Dutch...
Persistent link: https://www.econbiz.de/10012583447