LEADER 05584oam 22010934 450 001 9910807487103321 005 20240402050256.0 010 $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(IMF)WPIEE2008169 035 $a(MiAaPQ)EBC1607906 035 $a(EXLCZ)993170000000055048 100 $a20020129d2008 uf 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, Ola Melander 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 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 3 $aThis paper develops a framework for analyzing macro-financial linkages in the United States. We estimate the effects of a negative shock to banks' capital/assetratio on lending standards, which in turn affect consumer credit, mortgages, and corporate loans, and the corresponding components of private spending (consumption, residential investment and business investment). In addition, our empirical model allows for feedback from spending and income to bank capital adequacy and credit. Hence, we trace the full credit cycle. An exogenous fall in the bank capital/asset ratio by one percentage point reduces real GDP by some 1½ percent through its effects on credit availability, while an exogenous fall in demand of 1 percent of GDP is gradually magnified to around 2 percent through financial feedback effects. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/169 606 $aCredit$zUnited States$xEconometric models 606 $aBank assets$xEconometric models$zUnited States 606 $aBanks and Banking$2imf 606 $aMacroeconomics$2imf 606 $aMoney and Monetary Policy$2imf 606 $aIndustries: Financial Services$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aPersonal Income, Wealth, and Their Distributions$2imf 606 $aMonetary economics$2imf 606 $aFinance$2imf 606 $aBanking$2imf 606 $aCredit$2imf 606 $aPersonal income$2imf 606 $aBank credit$2imf 606 $aLoans$2imf 606 $aIncome$2imf 606 $aBanks and banking$2imf 607 $aUnited States$xEconomic conditions$xEconometric models 607 $aUnited States$2imf 615 0$aCredit$xEconometric models. 615 0$aBank assets$xEconometric models 615 7$aBanks and Banking 615 7$aMacroeconomics 615 7$aMoney and Monetary Policy 615 7$aIndustries: Financial Services 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aPersonal Income, Wealth, and Their Distributions 615 7$aMonetary economics 615 7$aFinance 615 7$aBanking 615 7$aCredit 615 7$aPersonal income 615 7$aBank credit 615 7$aLoans 615 7$aIncome 615 7$aBanks and banking 676 $a332.70973 700 $aBayoumi$b Tamim$0122763 701 $aMelander$b Ola$01642302 801 0$bDcWaIMF 906 $aBOOK 912 $a9910807487103321 996 $aCredit Matters$93986914 997 $aUNINA