04051nam 2200661 450 991046359050332120180823002313.01-4623-4369-41-4527-2284-61-4518-7019-197866128411251-282-84112-2(CKB)3170000000055061(EBL)1607934(SSID)ssj0000943958(PQKBManifestationID)11505877(PQKBTitleCode)TC0000943958(PQKBWorkID)10982805(PQKB)11299459(OCoLC)763099184(MiAaPQ)EBC1607934(EXLCZ)99317000000005506120140226h20082008 uy 0engur|n|---|||||txtccrA U.S. financial conditions index putting credit where credit is due /Andrew Swiston ; authorized for distribution by Tamim Bayoumi[Washington, District of Columbia] :International Monetary Fund,2008.©20081 online resource (37 p.)IMF Working PapersIMF working paper ;WP/08/161Description based upon print version of record.1-4519-1472-5 Includes bibliographical references.Contents; I. Introduction and Literature Review; II. Building a Better Financial Conditions Index; A. Why VAR and IRF?; B. Whose Lending? Which Standards?; Figures; 1. Lending Standards and GDP Growth; Tables; 1. Lending Standards and Real Activity: Correlations; 2. Lending Standards and Financial Variables: Correlations; 2. Response of GDP to Lending Standards; C. Which Other Variables Enter the Mix?; 3. Response of GDP to Risk-Free Interest Rates; 4. Response of GDP to Default Risk and Volatility; 5. Response of GDP to Asset Prices; 6. Lending Standards and the High Yield SpreadIII. Financial Conditions and GrowthA. What are the Guts of the FCI?; B. Which Financial Conditions Matter?; 7. Response of GDP to Financial Shocks; 8. Response of Financial Conditions to Lending Standards; C. What Role for Credit Aggregates?; 9. Credit Availability and the Impact of Monetary Policy on Growth; 10. Response of GDP to Credit Aggregates; D. What is the FCI's Contribution to Growth?; 3. Financial Conditions and Real Activity: Correlations and Variance Decompositions; 11. Financial Conditions Index; 12. Financial Shocks and Contributions to the FCIE. Where Do Financial Conditions Hit Hardest?13. Individual Contributions to the FCI; 14. Response of Components of Demand to Financial Shocks; F. Can the FCI See Into the Future?; 15. Leading Financial Conditions Index; IV. Conclusions; ReferencesThis paper gauges the key determinants of China's private consumption in relation to GDP using data on the Chinese economy and evidence from other countries' experiences. The results suggest there is nothing ""special"" about consumption in China. Rather, the challenge is to explain why the conditioning variables-notably a low level of service sector employment, the level of financial sector development, and low real interest rates-are so different in China relative to other countries' historical experience. The results suggest, in particular, that efforts to further raise household income andIMF working paper ;WP/08/161.LoansUnited StatesEconometric modelsCreditUnited StatesEconometric modelsUnited StatesEconomic conditionsEconometric modelsElectronic books.LoansEconometric models.CreditEconometric models.354.2799273Swiston A(Andrew James)894441Bayoumi Tamim A122763MiAaPQMiAaPQMiAaPQBOOK9910463590503321A U.S. financial conditions index2015873UNINA