LEADER 06263oam 22012374 450 001 9910825977003321 005 20240402051125.0 010 $a1-4623-1844-4 010 $a1-4527-6621-5 010 $a9786612842900 010 $a1-4518-7216-X 010 $a1-282-84290-0 035 $a(CKB)3170000000055236 035 $a(EBL)1608237 035 $a(SSID)ssj0000941179 035 $a(PQKBManifestationID)11587742 035 $a(PQKBTitleCode)TC0000941179 035 $a(PQKBWorkID)10956180 035 $a(PQKB)10119747 035 $a(OCoLC)650248783 035 $a(MiAaPQ)EBC1608237 035 $a(IMF)WPIEE2009069 035 $a(EXLCZ)993170000000055236 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFrom Subprime Loans to Subprime Growth? Evidence for the Euro Area /$fMartin Cihak, Petya Brooks 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (37 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1651-5 320 $aIncludes bibliographical references. 327 $aContents; 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, 2007-08 327 $a4. 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, 1997-2007 327 $a11. 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; References 330 3 $aThe global financial crisis has highlighted the potential of financial conditions for influencing real economic activity. We examine the linkages between the financial and real sectors in the euro area, finding that (i) bank loan supply responds negatively to declines in bank soundness; (ii) a cutback in bank loan supply has a negative impact on economic activity; (iii) a positive shock to the corporate bond spread lowers industrial output; and (iv) risk indicators for the banking, corporate, and public sectors show an improvement beginning in 2002?03, followed by a major deterioration since 2007. These estimates imply that the currently estimated bank losses would subtract some 2 percentage points from the euro area output (but with considerable uncertainty around the estimates). 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/069 606 $aEuro area 606 $aGlobal Financial Crisis, 2008-2009 606 $aBanks and Banking$2imf 606 $aInvestments: Bonds$2imf 606 $aMoney and Monetary Policy$2imf 606 $aIndustries: Financial Services$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aDemand for Money$2imf 606 $aMonetary economics$2imf 606 $aBanking$2imf 606 $aInvestment & securities$2imf 606 $aFinance$2imf 606 $aBank credit$2imf 606 $aCredit$2imf 606 $aCorporate bonds$2imf 606 $aLoans$2imf 606 $aMoney$2imf 606 $aFinancial institutions$2imf 606 $aDemand for money$2imf 606 $aBanks and banking$2imf 606 $aBonds$2imf 607 $aUnited States$2imf 615 0$aEuro area. 615 0$aGlobal Financial Crisis, 2008-2009. 615 7$aBanks and Banking 615 7$aInvestments: Bonds 615 7$aMoney and Monetary Policy 615 7$aIndustries: Financial Services 615 7$aFinancial Markets and the Macroeconomy 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aDemand for Money 615 7$aMonetary economics 615 7$aBanking 615 7$aInvestment & securities 615 7$aFinance 615 7$aBank credit 615 7$aCredit 615 7$aCorporate bonds 615 7$aLoans 615 7$aMoney 615 7$aFinancial institutions 615 7$aDemand for money 615 7$aBanks and banking 615 7$aBonds 676 $a332.1 700 $aCihak$b Martin$01106217 701 $aBrooks$b Petya$01637028 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910825977003321 996 $aFrom Subprime Loans to Subprime Growth? Evidence for the Euro Area$93978601 997 $aUNINA