LEADER 03899nam 2200649 450 001 9910463604003321 005 20180911011859.0 010 $a1-4623-6891-3 010 $a1-4527-4302-9 010 $a1-4518-7027-2 010 $a1-282-84120-3 010 $a9786612841200 035 $a(CKB)3170000000055048 035 $a(EBL)1607906 035 $a(SSID)ssj0000944008 035 $a(PQKBManifestationID)11501263 035 $a(PQKBTitleCode)TC0000944008 035 $a(PQKBWorkID)10982525 035 $a(PQKB)11608307 035 $a(OCoLC)761815354 035 $a(MiAaPQ)EBC1607906 035 $a(EXLCZ)993170000000055048 100 $a20140226h20082008 uy 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aCredit matters $eempirical evidence on U.S. macro-financial linkages /$fTamim Bayoumi and Ola Melander 210 1$a[Washington, District of Columbia] :$cInternational Monetary Fund,$d2008. 210 4$dİ2008 215 $a1 online resource (29 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/169 300 $aDescription based upon print version of record. 311 $a1-4519-1480-6 327 $aContents; 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 Income 327 $aVII. 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. Conclusions 327 $a6. 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; References 330 $aThis paper develops a framework for analyzing macro-financial linkages in the United States. We estimate the effects of a negative shock to banks' capital/assetratio on lending standards, which in turn affect consumer credit, mortgages, and corporate loans, and the corresponding components of private spending (consumption, residential investment and business investment). In addition, our empirical model allows for feedback from spending and income to bank capital adequacy and credit. Hence, we trace the full credit cycle. An exogenous fall in the bank capital/asset ratio by one percentage point 410 0$aIMF Working Papers 606 $aCredit$zUnited States$xEconometric models 606 $aBank assets$xEconometric models$zUnited States 607 $aUnited States$xEconomic conditions$xEconometric models 608 $aElectronic books. 615 0$aCredit$xEconometric models. 615 0$aBank assets$xEconometric models 676 $a332.70973 700 $aBayoumi$b Tamim A$0122763 701 $aMelander$b Ola$0876496 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910463604003321 996 $aCredit matters$91957207 997 $aUNINA