04049nam 2200625Ia 450 991046406970332120170815101902.01-4623-1844-41-4527-6621-597866128429001-4518-7216-X1-282-84290-0(CKB)3170000000055236(EBL)1608237(SSID)ssj0000941179(PQKBManifestationID)11587742(PQKBTitleCode)TC0000941179(PQKBWorkID)10956180(PQKB)10119747(OCoLC)650248783(MiAaPQ)EBC1608237(EXLCZ)99317000000005523620100902d2009 uf 0engur|n|---|||||txtccrFrom subprime loans to subprime growth?[electronic resource] evidence for the Euro Area /Martin Cihák and Petya Koeva Brooks[Washington, D.C.] International Monetary Fund20091 online resource (37 p.)IMF working paper ;WP/09/69Description based upon print version of record.1-4519-1651-5 Includes bibliographical references.Contents; I. Introduction; II. Empirical Evidence; A. Linkages Between Bank Characteristics and Lending Behavior; B. Linkages Between Bank Loan Supply and Aggregate Output; C. Linkages Between Corporate Financing Conditions and Economic Activity; D. Risk Transfers Between Banks and Other Sectors: Contingent Claims Analysis ..; III. Quantitative Implications; IV. Conclusions; Figures; 1. Euro Area: Money Market and Retail Lending Rates, 2003-08; 2. Euro Area: Changes in Credit Standards to Enterprises and Households, 2005-08; 3. Euro Area: Corporate and Equity Market Prices, 2007-084. Euro Area: Growth in Bank Loans and Securities Issuance, 2003-085. Euro Area: Distance to Default for Banks, 1991-2008; 6. Euro Area: Excess Demand for Loans, 1997-2008; 7. Euro Area: Growth in Real Output and Bank Loans, 2000-08; 8. Euro Area: Corporate Debt Issuance, 1990-2008; 9. Euro Area: Response of Annual Growth in Industrial Production to One Standard Deviation Innovation in Corporate Spread; 10. Euro Area: Estimated Default Probability (Banks and Non-Banks),1991-2008; Tables; 1. Demand and Supply in the Disequilibrium Model, 1997-200711. Euro Area: Estimated Default Probability (Public Sector), 1997-200812. Capitalization in Euro Area Banks, 1997-2008; 2. OLS Regression of Output on Loans; 3. First Stage IV Regression: Loans on Money Demand Shocks; 4. Second Stage IV Regression of Output on Loans; Appendixes; I. Calculating the Distance to Default; II. Identifying the Linkage Between Bank Loan Supply and Aggregate Output; III. Contingent Claims Analysis: A Primer; ReferencesThe global financial crisis has highlighted the potential of financial conditions for influencing real economic activity. We examine the linkages between the financial and real sectors in the euro area, finding that (i) bank loan supply responds negatively to declines in bank soundness; (ii) a cutback in bank loan supply has a negative impact on economic activity; (iii) a positive shock to the corporate bond spread lowers industrial output; and (iv) risk indicators for the banking, corporate, and public sectors show an improvement beginning in 2002-03, followed by a major deterioration since 2IMF working paper ;WP/09/69.Euro areaGlobal Financial Crisis, 2008-2009Electronic books.Euro area.Global Financial Crisis, 2008-2009.Čihák Martin873075Koeva Petya974754International Monetary Fund.MiAaPQMiAaPQMiAaPQBOOK9910464069703321From subprime loans to subprime growth2219600UNINA