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E51

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Money Supply; Credit; Money Multipliers

The effectiveness of counter-cyclical loan-to-value regulations: generic versus sector-specific rules

Guangling Liu and Thabang Molise
This paper considers the implications of the counter-cyclical loan-to-value (CcLTV) regulation in a setting where different types of borrowers from distinct sectors of the credit market co-exist. To identify the optimal policy design, we consider two macro-prudential policy regimes, nanely generic...
Aug 2019
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Credit market heterogeneity, balance sheet (in) dependence, financial shocks

Chris Garbers and Guangling Liu
This paper presents a real business cycle model with financial frictions and two credit markets to investigate the qualitative and quantitative relevance of credit market heterogeneity. To address this line of inquiry we contrast the transmission of financial shocks in an economy where loans are...
Sep 2016
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The impact of monetary policy on household consumption in South Africa. Evidence from Vector Autoregressive Techniques

Emmanuel Owusu-Sekyere
This paper investigates the “cost of credit effect” of monetary policy on household consumption of final goods and services in South Africa, testing the hypotheses of the Keynesian interest rate channel of monetary policy transmission. We focus on three periods; post transition from apartheid,...
Apr 2016
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Can currency in circulation predict South African economic activity?

Cobus Vermeulen, Adél Bosch, Fanie Joubert and Jannie Rossouw
The money supply can be broadly defined as consisting of currency and deposits. While currency forms but a small portion of the total money supply, it can be a crucial determinant of spending behaviour and subsequently economic activity. The ability of the money supply to predict an up- or...
Feb 2016
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Credit spread variability in U.S. business cycles: The Great Moderation versus the Great Recession

Hylton Hollander and Guangling Liu
This paper establishes the prevailing financial factors that influence credit spread variability, and its impact on the U.S. business cycle over the Great Moderation and Great Recession periods. To do so, we develop a dynamic general equilibrium framework with a central role of financial...
Aug 2014
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A Portrait of Informal Sector Credit and Interest Rates in Malawi: Interpolated Monthly Time Series

Harold Ngalawa
Although informal finance forms a large part of their financial sector, nearly all low income countries exclude informal transactions in official monetary data. Usually, informal finance data are nonexistent and occasionally, they are available only from surveys that often occur at irregular...
Jul 2014
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The Equity Price Channel in a New-Keynesian DSGE Model with Financial Frictions and Banking

Hylton Hollander and Guangling Liu
This paper studies the role of the equity price channel in business cycle fluctuations, and highlights its systemic risk across all sectors of the economy. We develop a canonical New-Keynesian dynamic stochastic general equilibrium model with a tractable role for the equity market in banking,...
Jul 2013
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Currency Crises and Monetary Policy in an Economy with Credit Constraints: The Case for Low Interest Rates Restored

Shakill Hassan
This paper revisits the currency crises model of Aghion, Bacchetta and Banerjeee (2000, 2001, 2004), who show that if there exist nominal price rigidities and private sector credit constraints, and the credit multiplier depends on real interest rates, then the optimal monetary policy response to...
Nov 2006
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