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Hazardous Times for Monetary Policy: What Do Twenty-Three Million Bank Loans Say About the Effects of Monetary Policy on Credit Risk?
Jiménez, Gabriel; Ongena, Steven; Peydró, José Luis; … - C.E.P.R. Discussion Papers - 2007
We investigate the impact of the stance and path of monetary policy on the level of credit risk of individual bank … loans and on lending standards. We employ the Credit Register of the Bank of Spain that contains detailed monthly … information on virtually all loans granted by all credit institutions operating in Spain during the last twenty-two years …
Persistent link: https://www.econbiz.de/10005661943
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How Effective Is Monetary Transmission in Developing Countries? A Survey of the Empirical Evidence
Mishra, Prachi; Montiel, Peter J; Spilimbergo, Antonio - C.E.P.R. Discussion Papers - 2011
This paper surveys the evidence on the effectiveness of monetary transmission in developing countries. We summarize the arguments for expecting the bank lending channel to be the dominant means of monetary transmission in such countries, and present a simple model that suggests why this channel...
Persistent link: https://www.econbiz.de/10009322980
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German Bank Lending During Financial Crises: A Bank Level Analysis
Heid, Frank; Nestmann, Thorsten; Von Westernhagen, Natalja - C.E.P.R. Discussion Papers - 2005
This paper studies German bank lending during the Asian and Russian crises, using a bank level data set from the Deutsche Bundesbank. Our aim is to gain more insight into the pattern of German bank lending during financial crises in emerging markets. We find that German banks reacted to the...
Persistent link: https://www.econbiz.de/10005504386
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Macroprudential policy and central bank communication
Born, Benjamin; Ehrmann, Michael; Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2010
In response to the financial crisis of 2007-2010, many central banks are getting involved in macroprudential supervision. Central bank communication will constitute a central policy tool for that purpose. The paper asks how such communication will affect financial markets, exploiting the fact...
Persistent link: https://www.econbiz.de/10008692311
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Capital controls and foreign exchange policy
Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2012
rather by concerns about capital inflows triggering an overheating of the economy--in the form of high credit growth, rising …
Persistent link: https://www.econbiz.de/10011083774
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Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008
Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2009
The crisis of the advanced economies in 2008-09 has focused new attention on money and credit fluctuations, financial … crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on … half of the twentieth century as shown by a decoupling of money and credit aggregates. We show for the first time how …
Persistent link: https://www.econbiz.de/10008636377
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Monetary Policy Issues in a Low Inflation Environment
Viñals, José - C.E.P.R. Discussion Papers - 2001
One of the most striking macroeconomic phenomena in recent decades has been the achievement of rather low and more stable rates of inflation in many countries. Consequently, the main goal of this Paper is to offer an overview of the main policy issues arising in a low inflation environment and...
Persistent link: https://www.econbiz.de/10005666924
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On Keeping Your Powder Dry: Fiscal Foundations of Financial and Price Stability
Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2013
Banking systems have rapidly grown to a point where for many countries bank assets amount to multiples of GDP. As a consequence, government’s capacity to provide stability-enhancing fiscal guarantees against systemic crises can no longer be taken for granted. As regulation of dynamic financial...
Persistent link: https://www.econbiz.de/10011084186
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Macro-Financial Linkages: evidence from country-specific VARs
Guarda, Paolo; Jeanfils, Philippe - C.E.P.R. Discussion Papers - 2012
account for 12% of GDP variance and real house prices for 9%). Shocks to the term spread or to leverage (credit-to-GDP ratio …
Persistent link: https://www.econbiz.de/10011083242
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Monetary transmission in low income countries
Mishra, Prachi; Montiel, Peter J; Spilimbergo, Antonio - C.E.P.R. Discussion Papers - 2010
This paper reviews the monetary transmission mechanism in low income countries (LICs). We use monetary transmission in advanced and emerging markets as a benchmark to identify aspects of the transmission mechanism that may operate differently in LICs. In particular, we focus on the effects of...
Persistent link: https://www.econbiz.de/10008466328