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  • 1
    Online Resource
    Online Resource
    Expansionary Austerity : Reallocating Credit amid Fiscal Consolidation (2021)
    Washington, D.C. :The World Bank,
    Details
    UID:
    almafu_9959849629402883
    Format: 1 online resource (81 pages)
    Series Statement: Policy research working papers.
    Content: This paper shows how the creation of ceilings on local public debt can increase economic activity. For identification, the paper exploits administrative micro data in conjunction with the introduction of a Mexican law limiting the amount of indebtedness of subnational governments. The analysis finds that states with ex-ante higher public debt have stronger economic growth after the implementation of the law, despite reducing public spending and increasing taxes, albeit at the expense of more extreme poverty. The mechanism for this result is a reduction in crowding out. In states with higher ex-ante public debt, banks reallocate credit away from local governments and into private firms, with strong positive firm-level real effects. The unwinding of this crowding out is stronger for more credit constrained firms and for firms borrowing from banks that are more exposed to local public debt. Furthermore, the impact of the law on economic growth is stronger in states allocating a larger share of public spending to non-infrastructure projects.
    Language: English
    DOI: 10.1596/1813-9450-9655
    URL: Deutschlandweit zugänglich
    URL: Volltext  (kostenfrei)
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    FU Berlin
    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    Charité
    MPI Bildungsforschung
  • 2
    Book
    Book
    Systemic risk, crises, and macroprudential regulation / (2015)
    Cambridge, Mass. ; London :The MIT Press,
    Details
    UID:
    almafu_BV042891860
    Format: xiii, 472 Seiten : , Diagramme.
    ISBN: 978-0-262-02869-1
    Note: Includes bibliographical references (pages 417- 458) and index
    Language: English
    Subjects: Economics
    RVK:
    QK 900
    RVK:
    QK 950
    Keywords: Bankenkrise ; Kreditwesen ; Instabilität ; Regulierung ; Risikoanalyse
    URL: Inhaltsverzeichnis
    Author information: Laeven, Luc
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  • 3
    Online Resource
    Online Resource
    The International Bank Lending Channel of Monetary Policy Rates and Quantitative Easing : Credit Supply, Reach-for-Yield, and Real Effects (2015)
    Washington, D.C : The World Bank
    Details
    UID:
    b3kat_BV048269363
    Format: 1 Online-Ressource (47 p)
    Series Statement: World Bank E-Library Archive
    Content: This paper identifies the international credit channel of monetary policy by analyzing the universe of corporate loans in Mexico, matched with firm and bank balance-sheet data, and by exploiting foreign monetary policy shocks, given the large presence of European and U.S. banks in Mexico. The paper finds that a softening of foreign monetary policy increases the supply of credit of foreign banks to Mexican firms. Each regional policy shock affects supply via their respective banks (for example, U.K. monetary policy affects credit supply in Mexico via U.K. banks), in turn implying strong real effects, with substantially larger elasticities from monetary rates than quantitative easing. Moreover, low foreign monetary policy rates and expansive quantitative easing increase disproportionally more the supply of credit to borrowers with higher ex ante loan rates-reach-for-yield-and with substantially higher ex post loan defaults, thus suggesting an international risk-taking channel of monetary policy. All in all, the results suggest that foreign quantitative easing increases risk-taking in emerging markets more than it improves the real outcomes of firms
    Additional Edition: Erscheint auch als Druck-Ausgabe Morais, Bernardo The International Bank Lending Channel of Monetary Policy Rates and Quantitative Easing Washington, D.C : The World Bank, 2015
    Language: English
    DOI: 10.1596/1813-9450-7216
    URL: Volltext  (kostenfrei)
    URL: Volltext  (Deutschlandweit zugänglich)
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    Online Resource
    Fulltext
    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    MPI Bildungsforschung
  • 4
    Online Resource
    Online Resource
    The International Bank Lending Channel of Monetary Policy Rates and Quantitative Easing : Credit Supply, Reach-for-Yield, and Real Effects (2015)
    Washington, D.C., : The World Bank,
    Details
    UID:
    almafu_9958246524202883
    Format: 1 online resource (47 pages)
    Series Statement: Policy research working papers.
    Content: This paper identifies the international credit channel of monetary policy by analyzing the universe of corporate loans in Mexico, matched with firm and bank balance-sheet data, and by exploiting foreign monetary policy shocks, given the large presence of European and U.S. banks in Mexico. The paper finds that a softening of foreign monetary policy increases the supply of credit of foreign banks to Mexican firms. Each regional policy shock affects supply via their respective banks (for example, U.K. monetary policy affects credit supply in Mexico via U.K. banks), in turn implying strong real effects, with substantially larger elasticities from monetary rates than quantitative easing. Moreover, low foreign monetary policy rates and expansive quantitative easing increase disproportionally more the supply of credit to borrowers with higher ex ante loan rates-reach-for-yield-and with substantially higher ex post loan defaults, thus suggesting an international risk-taking channel of monetary policy. All in all, the results suggest that foreign quantitative easing increases risk-taking in emerging markets more than it improves the real outcomes of firms.
    Language: English
    DOI: 10.1596/1813-9450-7216
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    Open Access Request
    FU Berlin
    Charité
  • 5
    Online Resource
    Online Resource
    The International Bank Lending Channel of Monetary Policy Rates and Quantitative Easing (2015)
    Washington, DC : World Bank Group
    Details
    UID:
    gbv_1017866236
    Format: Online-Ressource
    Series Statement: Policy Research Working Paper 7216
    Content: This paper identifies the international credit channel of monetary policy by analyzing the universe of corporate loans in Mexico, matched with firm and bank balance-sheet data, and by exploiting foreign monetary policy shocks, given the large presence of European and U.S. banks in Mexico. The paper finds that a softening of foreign monetary policy increases the supply of credit of foreign banks to Mexican firms. Each regional policy shock affects supply via their respective banks (for example, U.K. monetary policy affects credit supply in Mexico via U.K. banks), in turn implying strong real effects, with substantially larger elasticities from monetary rates than quantitative easing. Moreover, low foreign monetary policy rates and expansive quantitative easing increase disproportionally more the supply of credit to borrowers with higher ex ante loan rates -- reach-for-yield -- and with substantially higher ex post loan defaults, thus suggesting an international risk-taking channel of monetary policy. All in all, the results suggest that foreign quantitative easing increases risk-taking in emerging markets more than it improves the real outcomes of firms.
    Note: en_US
    Language: English
    URL: Volltext  (kostenfrei)
    URL: kostenfrei
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    Online Resource
    Fulltext
    Stabi Berlin
  • 6
    Online Resource
    Online Resource
    Negative monetary policy rates and portfolio rebalancing : evidence from credit register data (2019)
    [Washington, DC] : International Monetary Fund
    Details
    UID:
    gbv_1666426164
    Format: 1 Online-Ressource (circa 60 Seiten) , Illustrationen
    ISBN: 9781498300858
    Series Statement: IMF working paper WP/19, 44
    Content: We study negative interest rate policy (NIRP) exploiting ECB's NIRP introduction and administrative data from Italy, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply-- -and hence the real economy---through a portfolio rebalancing channel. NIRP affects banks with higher ex-ante net short-term interbank positions or, more broadly, more liquid balance-sheets, not with higher retail deposits. NIRP-affected banks rebalance their portfolios from liquid assets to credit-especially to riskier and smaller firms-and cut loan rates, inducing sizable real effects. By shifting the entire yield curve downwards, NIRP differs from rate cuts just above the ZLB
    Additional Edition: Erscheint auch als Druck-Ausgabe Bottero, Margherita Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data Washington, D.C. : International Monetary Fund, 2019 ISBN 9781498300858
    Language: English
    Keywords: Graue Literatur
    DOI: 10.5089/9781498300858.001
    URL: kostenfrei
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
    URL: kostenfrei
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    Stabi Berlin
  • 7
    Online Resource
    Online Resource
    Household credit, global financial cycle, and macroprudential policies : credit register evidence from an emerging country (2017)
    [Washington, D.C.] : International Monetary Fund
    Details
    UID:
    gbv_1015233473
    Format: 1 Online-Ressource (circa 47 Seiten) , Illustrationen
    ISBN: 9781484338599
    Series Statement: IMF working paper WP/18, 13
    Content: We analyze the effects of macroprudential policies on local bank credit cycles and interactions with international financial conditions. For identification, we exploit the comprehensive credit register containing all bank loans to individuals in Romania, a small open economy subject to external shocks, and the period 2004-2012, which covers a full boom-bust credit cycle when a wide range of macroprudential measures were deployed. Although household leverage is known to be a key driver of financial crises, to our knowledge this is the first paper that employs a household credit register to study leverage and macroprudential policies over a full economic cycle. Our results show that tighter macroprudential conditions are associated with a significant decline in household credit, with substantially stronger effects for foreign currency (FX) loans than for local currency loans. The effects on FX loans are higher for: (i) ex-ante riskier borrowers proxied by higher debt-service-toincome ratios and (ii) banks with greater exposure to foreign funding. Moreover, tighter macroprudential policy has stronger dampening effects on FX lending when global risk appetite is high and foreign monetary policy is expansionary. Finally, quantitative effects are in general larger for borrower rather than lender macroprudential policies
    Additional Edition: Erscheint auch als Druck-Ausgabe Epure, Mircea Household Credit, Global Financial Cycle, and Macroprudential Policies: Credit Register Evidence from an Emerging Country Washington, D.C. : International Monetary Fund, 2018 ISBN 9781484338599
    Language: English
    Keywords: Graue Literatur
    DOI: 10.5089/9781484338599.001
    URL: kostenfrei
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
    URL: kostenfrei
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    Fulltext
    Fulltext
    Stabi Berlin
  • 8
    Online Resource
    Online Resource
    Monetary policy in a developing country : loan applications and real effects (2015)
    [Washington, D.C.] : International Monetary Fund
    Details
    UID:
    gbv_845963791
    Format: 1 Online-Ressource (circa 37 Seiten) , Illustrationen
    ISBN: 9781513529813 , 1513529811
    Series Statement: IMF working paper WP/15/270
    Content: The transmission of monetary policy to credit aggregates and the real economy can be impaired by weaknesses in the contracting environment, shallow financial markets, and a concentrated banking system. We empirically assess the bank lending channel in Uganda during 2010–2014 using a supervisory dataset of loan applications and granted loans. Our analysis focuses on a short period during which the policy rate rose by 1,000 basis points and then came down by 1,200 basis points. We find that an increase in interest rates reduces the supply of bank credit both on the extensive and intensive margins, and there is significant pass-through to retail lending rates. We document a strong bank balance sheet channel, as the lending behavior of banks with high capital and liquidity is different from that of banks with low capital and liquidity. Finally, we show the impact of monetary policy on real activity across districts depends on banking sector conditions. Overall, our results indicate significant real effects of the bank lending channel in developing countries
    Additional Edition: Erscheint auch als Druck-Ausgabe Abuka, Charles Monetary Policy in a Developing Country: Loan Applications and Real Effects Washington, D.C. : International Monetary Fund, 2015 ISBN 9781513529813
    Language: English
    Keywords: Arbeitspapier ; Graue Literatur
    DOI: 10.5089/9781513529813.001
    URL: Volltext
    URL: kostenfrei
    URL: kostenfrei
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    Stabi Berlin
  • 9
    Online Resource
    Online Resource
    Expansionary Austerity : Reallocating Credit amid Fiscal Consolidation (2021)
    Washington, D.C. :The World Bank,
    Details
    UID:
    edoccha_9959849629402883
    Format: 1 online resource (81 pages)
    Series Statement: Policy research working papers.
    Content: This paper shows how the creation of ceilings on local public debt can increase economic activity. For identification, the paper exploits administrative micro data in conjunction with the introduction of a Mexican law limiting the amount of indebtedness of subnational governments. The analysis finds that states with ex-ante higher public debt have stronger economic growth after the implementation of the law, despite reducing public spending and increasing taxes, albeit at the expense of more extreme poverty. The mechanism for this result is a reduction in crowding out. In states with higher ex-ante public debt, banks reallocate credit away from local governments and into private firms, with strong positive firm-level real effects. The unwinding of this crowding out is stronger for more credit constrained firms and for firms borrowing from banks that are more exposed to local public debt. Furthermore, the impact of the law on economic growth is stronger in states allocating a larger share of public spending to non-infrastructure projects.
    Language: English
    DOI: 10.1596/1813-9450-9655
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    Open Access Request
    Charité
  • 10
    Online Resource
    Online Resource
    Expansionary Austerity : Reallocating Credit amid Fiscal Consolidation (2021)
    Washington, D.C. :The World Bank,
    Details
    UID:
    edocfu_9959849629402883
    Format: 1 online resource (81 pages)
    Series Statement: Policy research working papers.
    Content: This paper shows how the creation of ceilings on local public debt can increase economic activity. For identification, the paper exploits administrative micro data in conjunction with the introduction of a Mexican law limiting the amount of indebtedness of subnational governments. The analysis finds that states with ex-ante higher public debt have stronger economic growth after the implementation of the law, despite reducing public spending and increasing taxes, albeit at the expense of more extreme poverty. The mechanism for this result is a reduction in crowding out. In states with higher ex-ante public debt, banks reallocate credit away from local governments and into private firms, with strong positive firm-level real effects. The unwinding of this crowding out is stronger for more credit constrained firms and for firms borrowing from banks that are more exposed to local public debt. Furthermore, the impact of the law on economic growth is stronger in states allocating a larger share of public spending to non-infrastructure projects.
    Language: English
    DOI: 10.1596/1813-9450-9655
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    Open Access Request
    FU Berlin
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