05584oam 22010934 450 991080748710332120240402050256.01-4623-6891-31-4527-4302-91-4518-7027-21-282-84120-39786612841200(CKB)3170000000055048(EBL)1607906(SSID)ssj0000944008(PQKBManifestationID)11501263(PQKBTitleCode)TC0000944008(PQKBWorkID)10982525(PQKB)11608307(OCoLC)761815354(IMF)WPIEE2008169(MiAaPQ)EBC1607906(EXLCZ)99317000000005504820020129d2008 uf 0engurcnu||||||||txtccrCredit Matters : Empirical Evidence on U.S. Macro-Financial Linkages /Tamim Bayoumi, Ola Melander1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (29 p.)IMF Working PapersIMF working paper ;WP/08/169Description based upon print version of record.1-4519-1480-6 Contents; I. Introduction; II. A Framework for Analyzing Macro-Financial Linkages; Figures; 1. A Framework for Macro-Financial Linkages; III. The Effect of the Bank Capital/Asset Ratio on Lending Standards; 2. Bank Capital Adequacy and Lending Standards; IV. The Effect of Lending Standards and Balance Sheets on Credit; Tables; 1. The Bank Capital/Asset Ratio and Loan Standards; 2. Loan Standards, Balance Sheet Variables, and Credit; V. The Effect of Credit on Spending; 3. The Effect of Credit on Spending; VI. The Effect of Spending on Income; 4. The Effect of Spending on IncomeVII. Feedback Loop through Balance Sheets of Banks, Firms and Households 5. Feedback Effects of GDP Growth on Bank Capital; VIII. Bottom Line: Quantitative Importance of Macro-Financial Linkages; 3. The Effects of an Adverse Bank Capital Shock; 4. The Impact of an Adverse Capital Shock on the Level of GDP and its Components; 5. The Impact of an Adverse Capital Shock on GDP Growth and the Contribution of GDP Components; 6. The Effects of an Adverse Demand Shock; 7. The Impact of an Adverse Demand Shock on the Level of GDP; IX. Conclusions6. Loan Standards, Balance Sheet Variables, and Bank Credit Appendices; I. Credit Regressions for Bank Lending; 7. The Effect of Credit on Personal Consumption Expenditure; II. Spending Regressions for Sub-Components of Consumption; ReferencesThis paper develops a framework for analyzing macro-financial linkages in the United States. We estimate the effects of a negative shock to banks' capital/assetratio on lending standards, which in turn affect consumer credit, mortgages, and corporate loans, and the corresponding components of private spending (consumption, residential investment and business investment). In addition, our empirical model allows for feedback from spending and income to bank capital adequacy and credit. Hence, we trace the full credit cycle. An exogenous fall in the bank capital/asset ratio by one percentage point reduces real GDP by some 1½ percent through its effects on credit availability, while an exogenous fall in demand of 1 percent of GDP is gradually magnified to around 2 percent through financial feedback effects.IMF Working Papers; Working Paper ;No. 2008/169CreditUnited StatesEconometric modelsBank assetsEconometric modelsUnited StatesBanks and BankingimfMacroeconomicsimfMoney and Monetary PolicyimfIndustries: Financial ServicesimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfPersonal Income, Wealth, and Their DistributionsimfMonetary economicsimfFinanceimfBankingimfCreditimfPersonal incomeimfBank creditimfLoansimfIncomeimfBanks and bankingimfUnited StatesEconomic conditionsEconometric modelsUnited StatesimfCreditEconometric models.Bank assetsEconometric modelsBanks and BankingMacroeconomicsMoney and Monetary PolicyIndustries: Financial ServicesMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralBanksDepository InstitutionsMicro Finance InstitutionsMortgagesPersonal Income, Wealth, and Their DistributionsMonetary economicsFinanceBankingCreditPersonal incomeBank creditLoansIncomeBanks and banking332.70973Bayoumi Tamim122763Melander Ola1642302DcWaIMFBOOK9910807487103321Credit Matters3986914UNINA