文章基本信息

标题：BANK LENDING AND MONETARY SHOCKS: AN EMPIRICAL INVE TIGATION
本地全文：下载
作者：Amjad Ali ; M. Ali Choudhary ; Shah Hussain 等
期刊名称：Discussion Papers in Economics / Department of Economics, University of Surrey
出版年度：2012
卷号：2012
出版社：University of Surrey
摘要：T h i s p ap e r p r ov i d e s a s y s t e m at i c e m p i r i c al s t u d y of t h e r ol e of c r e d i t m ar ke t f r i c t i on s i n t h e t r an s m i s s i on of m on e t ar y s h o ck s . F i r s t , u s i n g m ac r o d at a f or a d e ve l op i n g e c on omy ( Pak i s t an ) , we s h ow t h at b an k i n g s p r e ad s ar e c ou nt e r c y c l i c al , e ve n w h e n we c ont r ol f or c r e d i t r i s k , m on e t ar y p ol i c y an d p ot e nt i al m at u r i ty m i s m at ch e s . M or e ove r , we fi n d t h at t h i s ant i c y c l i c al n at u r e i s ac c e nt u at e d i n t h e p r e s e n c e of gove r n m e nt as an ac t i ve p ar t i c i p ant i n t h e p r i vat e c r e d i t m ar ke t . T h e n , u s i n g a u n i q u e d at as e t on c or p or at e l oan agr e e m e nt s f or t h e p e r i o d 2006- 2011, we fi n d e v i d e n c e t h at , i n t i m e s of t i ght m on e t ar y c on d i t i on s , t h e r e i s an ove r al l i n c r e as e i n t h e p as s - t h r ou gh of p ol i c y i m p u l s e s t o i n d i v i d u al l oan s r at e s . Fu r t h e r m or e , ou r e v i d e n c e s u gge s t t h at t h e i m p ac t of t h e s e s h o ck s i s d i s p r op or t i on at e l y f e l t by b or r owe r s an d i s e s p e c i al l y b i as e d t owar d s l e s s e s t ab l i s h e d fi r m s . M or e ove r , s m al l ( we ak ) b an k s ch an ge t h e i r l oan c on d i t i on s t h e m os t i n t i ght c on d i t i on s . T hu s , ou r fi n d i n gs s u p p or t t h e v i e w t h at t h e e x i s t e n c e of a c r e d i t ch an n e l i s p ar t i c u l ar l y r e l e vant f or e m e r gi n g e c on om i e s , h e n c e e m p h as i z i n g t h e n e e d f or ap p r op r i at e s t ab i l i z at i on p ol i c i e s .
关键词：K e y wor d s : B an k M ar gi n s ; C r e d i t C h an n e l ; M on e t ar y Pol i c y.