Dissertations / Theses on the topic 'Credit policy'
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Meuller, L. "Essays on money and credit." Göteborg : L. Meuller, 2000. http://catalog.hathitrust.org/api/volumes/oclc/45806229.html.
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Neal, Penelope. "Monetary policy, credit rationing and uncertainty /." Title page, contents and abstract only, 1996. http://web4.library.adelaide.edu.au/theses/09PH/09phn342.pdf.
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Montagnoli, Alberto. "Credit, asset prices and monetary policy." Thesis, Brunel University, 2004. http://bura.brunel.ac.uk/handle/2438/5326.
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The developments in asset markets have influenced researchersto focus on the interaction between monetary policy and the financial system. In Chapter I we provide an overview of the role of the financial system for the whole economy. We show the importance of this sector in transmitting the monetary policy actions. The aim of this research is twofold; firstly we want to investigate how important the amount of credit for the whole economy is. To accomplish this objective, in Chapter 2 we make use of the VAR technique to study the monetary transmission mechanism. In particular we are interested in explaining why previous empirical research has found that prices show an increase after monetary tightening. We investigate how an unanticipated movement in the risk free interest rate affects all those variables responsible for the transmission of a monetary shock. Our results suggest that the immediate increase in prices is not due to some form of econometric misspecification, but rather, to the change in the composition of firms' source of finance. Prices rise because the need for external funds increases thus firms' costs of production increase. Another important issue that we want to tackle is the contribution of external finance to the 1990 economic recession. In Chapter 3 we show that the increased level of indebtedness as one of the forces at the root of the economic downturn. We argue that the crisis could be explained on the basis of Minsky's financial instability hypothesis. In the remaining part of this research we tackle the second aim of this research: we focus our attention on the link between asset prices and monetary policy. Asset prices, in fact, can give an indication of future consumers' and firms' decisions on spending and, therefore, might be indicators of future economic activity. Wealth deriving from gains in these markets tends t o increase the level of consumption and investment. A t the same time, sharp movements in asset prices could signal imbalances in the economy; developments of this kind can threaten financial stability. In Chapter 4 we argue there might be a trade-off between financial stability and monetary stability when these are the main objectives of the monetary authorities. First we explore the possibility that the demand equation is affected positively by changes in asset prices, secondly empirical findings suggest that for the period 1992: 10-2003: 1 monetary policy in the UK can be better represented by a rule which takes into consideration movements in house prices and stock prices. The empirical evidence provided in Chapter 4 brings us in Chapter 5 to construct a macroeconomic model where the asset prices enter indirectly into the Central Bank's loss function. We model the aggregate demand of the economy so that output is determined, among other variables, by the wealth effect. The optimal interest rate rule is obtained by optimising intertemporally a loss function that includes inflation and output variance. We find that the optimal policy in the presence of wealth effects not only depends upon inflation and output but also it depends on financial imbalances, as represented by asset price misalignments from fundamentals. The response to asset price deviations from fundamentals becomes more aggressive as wealth effects build up, while the reaction to inflation and the output gap becomes less pronounced.
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Sessa, Luca. "Essays on Money, Credit and Fiscal Policy." Doctoral thesis, Universitat Pompeu Fabra, 2011. http://hdl.handle.net/10803/41558.
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This thesis tackles three different issues of relevance for economic policy, with an explicit reference to the Euro area. Does the inclusion of monetary targeting in a monetary policy strategy improve macroeconomic stability? Which role does the banking sector play in the impulse and transmission of shocks? Which fiscal tools have the greatest and the most persistent impact on the real economy, helping effective stabilization policy design? Answers to each question, derived from data-matching dynamic general equilibrium models, imply noteworthy indications for policy-makers.Esta tesis afronta tres temas de relevancia en lo que se refiere a la política económica en la zona euro. ¿Establecer un objetivo monetario en la conducción de la política monetaria contribuye a alcanzar una estabilidad macroeconómica? ¿Qué papel desempeña el sector banquero en el impulso y en la transmisión de choques macroeconómicos? ¿Cuales son los instrumentos de política fiscal con el mayor y más persistente impacto sobre la economía real, capaces de ayudar en el diseño de políticas de estabilización eficaces? Las respuestas a cada pregunta, derivadas desde modelos de equilibrio económico general dinámicos ajustados a los datos, permiten extraer indicaciones útiles para las autoridades responsables de las políticas económicas.
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Choi, Hyung Sun. "Essays on money, credit, and monetary policy." Diss., University of Iowa, 2008. http://ir.uiowa.edu/etd/11.
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Passarelli, Giroud Joaquim Gustavo. "Essays is bank competition and credit policy." Thesis, Massachusetts Institute of Technology, 2020. https://hdl.handle.net/1721.1/127034.
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Thesis: Ph. D., Massachusetts Institute of Technology, Department of Economics, May, 2020Cataloged from the official PDF of thesis.
Includes bibliographical references (pages 284-290).
This thesis estimates the eect of competition in the financial sector using both individual level data and economic theory, and explores the role of credit policy in mitigating potential adverse effects of imperfect competition. The first essay uses heterogeneous exposure to large bank mergers to estimate the eect of bank competition on both financial and real variables in local Brazilian markets. Using detailed administrative data on loans and firms, we employ a difference-in-differences empirical strategy to identify the causal eect of bank competition. Following M&A episodes, spreads increase and there is persistently less lending in exposed markets. We also find that bank competition reduces employment. We develop a tractable model of heterogeneous firms and concentration in the banking sector and show that the observed effects in the data and predicted by the model are consistent.
Among other counterfactuals, we show that if the Brazilian lending spread were to fall to the world level, output would increase by approximately 5%. The second essay develops a contract-based model of industrial organization for markets characterized by information and other frictions (Moral Hazard, Limited Commitment, Adverse Selection etc.) and dierent market structures (Monopoly, Oligopoly, Competition), the latter driven by spatial costs, idiosyncratic preferences, and number of financial service providers. We derive a likelihood estimator for the structural parameters that determine contracting frictions and market structure and apply this to the Townsend Thai data on small and medium enterprises and bank locations. Our model of production is microfounded and thus can be used for a broad set counterfactuals. The third essay explores the role of credit policies to mitigate the effects of lack of competition in the financial sector.
In many emerging markets, governments try to increase credit access and stimulate economic growth by imposing caps on lending rates. We analyze these policies by extending workhorse models with financial frictions to include a banking sector with market power. Caps are beneficial as they reduce credit costs but are also harmful as they crowd out risky borrowers which can access credit only at high interest rates, and thus have an ambiguous effect in current output and capital accumulation. We show that the optimal policy to maximize steady state welfare involves relatively high caps on a large share of bank loans. The optimal policy decreases output today, but increases capital accumulation through a lower cost of credit and thus output in the future. Thanks to tractable aggregation properties, the framework can be used to analyze a broad set of alternative credit policies.
by Gustavo Passarelli Giroud Joaquim.
Ph. D.
Ph.D. Massachusetts Institute of Technology, Department of Economics
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Bombaywala, Sama. "Essays on fiscal policy and credit market frictions." Thesis, University of Manchester, 2017. https://www.research.manchester.ac.uk/portal/en/theses/essays-on-fiscal-policy-and-credit-market-frictions(415e88ed-c932-4dde-9f8c-848992602924).html.
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This thesis aims to study the impact of some of the credit market imperfections on various fiscal decisions. It comprises of two papers, each of which sheds light on how the established results in literature are altered when studied in different environments, with more realistic elements. In chapter 1, we set up a dynamic stochastic general equilibrium model with financial frictions affecting the cost channel and an endogenously derived probability of default. We then study the effects of an expansionary government spending shock. Our exercise highlights that a positive shock to government spending, a demand side shock, increases the cost of firms' marginal costs and hence, their loan requirements. With higher borrowing, their probability of default goes up. The commercial bank takes this into account and charges a higher finance premium, discouraging the firms from borrowing as much. This results in a lower level of economic activity. The government spending multiplier is thus smaller when risky loans are borrowed to finance working capital, instead of fixed capital. In addition, we derive the multiplier to be less than one. With a lot of start-ups borrowing to meet their day-to-day expenses, this result extends a plausible explanation to why during the Great Recession, the impact of government spending was not as large as it was expected to be. In chapter 2, we derive the optimal level of capital taxation in the presence of agents with different discount factors. We set up a real business cycle model with patient and impatient households that borrow and lend amongst themselves, as per a borrowing constraint. Our results show that if the Ramsey planner's weights on different households are such that he is indifferent between redistribution towards patient and impatient households, the borrowing constraint is not binding. Moreover, we get the classical result of zero optimal capital taxation in the distant long run. However, if the Ramsey planner chooses the borrowing constraint to be always binding, he will favour redistribution from impatient households to patient households. As time moves forward, this ultimately leads to a negative optimal tax rate on the capital returns of patient households, a contradiction to the seminal Chamley-Judd result.
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Kalbus, Jeffrey Huber. "Credit subsidies and transaction costs: a policy perspective for two agricultural credit programs in Ohio /." The Ohio State University, 1994. http://rave.ohiolink.edu/etdc/view?acc_num=osu1487857546386128.
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Brady, Ryan Robert. "Consumer credit growth and the efficacy of monetary policy /." For electronic version search Digital dissertations database. Restricted to UC campuses. Access is free to UC campus dissertations, 2005. http://uclibs.org/PID/11984.
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Marchesini, Camilo. "Optimal Monetary Policy, Macroprudential Instruments, and the Credit Cycle." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-388488.
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I study optimal monetary and macroprudential policies in a New Keynesian DSGE framework with leverageconstrainedbanks. In particular, I assess the desirability of alternative operational policy rules when theeconomy is hit by mortgage default shocks and show that their implications for inflation dynamics and policytrade-offs depend on whether the shocks originate in the household sector or in the entrepreneurial sector ofthe economy. Moreover, I find that the strategy of ‘leaning against the wind’ (LAW) of credit growth deliverssystematically poorer stabilization outcomes than standard flexible inflation-targeting when there exists anon-trivial trade-off between stabilizing output and inflation, but outperforms conventional monetary policyfor shocks that generate a comovement between the two, irrespective of the real or financial nature of theshock.I show that optimal macroprudential regulation that is as concerned with output as monetary policy candrastically reduce, and in many cases completely eliminate, the incentive to lean against the wind. I arguethat this is due to the ability of full-fledged optimal macroprudential policy to break the favourable complementaritybetween stabilizing credit growth and stabilizing output growth which underlies the incentive tolean against the wind. Macroprudential policy proves a superior substitute to LAW because it can achieve thesame financial stability objectives without systematically imposing costs in terms of price stability.
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Buchanan-Hodgman, Luke. "Essays on credit, asset prices and macro-prudential policy." Thesis, University of Kent, 2017. https://kar.kent.ac.uk/69026/.
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Chapter one of this thesis examines the behaviour of credit volumes, asset prices and output for US data using a dummy-augmented vector autoregression model. The paper contributes to the literature in three ways. Firstly, statistical analysis indicates that from 1985 onward house prices exhibit phase-shift in leading output. Over the same period, data shows that household credit becomes noticeably less volatile relative to output, whereas fluctuations in business debt become more pronounced. Secondly, Granger-Causality tests show that there is significant feedback between house prices and household credit. This result was robust to periods of high and low household debt service costs. Interestingly, changes in interest rates are shown to Granger-Cause changes in house prices and credit volumes only during periods when debt service costs are above the long-run average rate. And third, the magnitude of the responses of credit and asset price variables to variety of shocks are sensitive to whether debt service costs are higher or lower than average. Specifically, when financial obligations are high a shock to the residual in the interest rate equation produces an amplified response in credit and asset price variables. Chapter two constructs a New-Keynesian DSGE model with multiple credit constrained agents in order to examine whether expectational shocks to the loan-to-value (LTV) ratio can create cyclical behaviour in output and house prices. The contributions of this paper are threefold. Firstly, when agents anticipate a future loosening of the LTV ratio and this expectation turns out to have been incorrect, house prices, consumption, investment and output all suffer a sharp decline. Secondly, the paper shows that in order to generate downward comovement of output and house prices in response to a frustrated expectational shock to the LTV ratio, agents must be able to post a substantial quantity of the total value of their housing asset as collateral. And thirdly, the ability to post capital as well housing as collateral significantly amplifies the cumulative loss of both output and house prices in the face of a frustrated expectational shock to the LTV ratio. Chapter three examines the efficacy of two types of macro-prudential policy in an es timated DSGE model with a banking sector. Both in the case of counter-cyclical capital requirements (CCR) and a lean-against-the-wind (LATW) type Taylor Rule, policy is an chored to house price growth. Using a conventional central bank loss function as the metric to gauge the efficacy of macro-prudential policy, the model indicates a reduction in the vari ation of output of up to 7.38% in the case of a technology shock, and 22.14% in the case of a monetary policy shock when the CCR is the instrument of choice. However, policy in this form exacerbates fluctuations in inflation in the case of technology shock in the region of 4.99%. If the source of the shock is through housing preference, loan-to-value or bank capital, policy in this form unambiguously increases the variance of both output and infla tion. If policy takes the form of LATW, the output-inflation trade-off is more pronounced in the case of a technology shock. The improvements in reducing the variance of output and inflation are lessened when LATW is active rather than CCR for a monetary policy shock. The model indicates that any improvement in stabilising output and inflation is significantly offset by a pronounced increase in the variance of credit growth when policy is in the form of CCR.
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So, Mee Chi. "Optimizing credit limit policy by Markov decision process models." Thesis, University of Southampton, 2009. https://eprints.soton.ac.uk/68761/.
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Credit cards have become an essential product for most consumers. Lenders have recognized the profit that can be achieved from the credit card market and thus they have introduced different credit cards to attract consumers. Thus, the credit card market has undergone keen competition in recent years. Lenders realize their operation decisions are crucial in determining how much pofit is achieved from a card. This thesis focuses on the most well-known operating policy: the management of credit limit. Lenders traditionally applied static decision models to manage the credit limit of credit card accounts. A growing number of lenders though want improved models so as to monitor the long-term risk and return of credit card borrowers. This study aims to use Markov Decision Process, which is a well-developed sequential decision model, to adjust the credit limit of current credit card accounts. The behavioural score, which is the way of assessing credit card holder's default risk in the next year, is used as the key parameter to monitor the risk of every individual account. The model formulation and the corresponding application techniques, such as state coarse-classication, choice of Markovity order, are discussed in this thesis. One major concern of using Markov Decision Process model is the small sample size in certain states. In general credit card lenders have lots of data. However, there may be no examples in the data of transitions from certain states to default, particularly for those high quality credit card accounts. If one simply uses zero to estimate these states' transition probabilities, this leads to apparent 'structural zeros' states which change the connectedness of the dynamics in the state space. A method is developed in this thesis to overcome such problems in real applications. The economy and retail credit risk are highly correlated and so one key focus of this study is to look at the interaction between credit card behavioural score migrations and the economy. This study uses dierent credit card datasets, one from Hong Kong and one from United Kingdom, to examine the impact of economy on the credit card borrowers' behaviour. The economies in these two areas were dierent during the sampling period. Based on these empirical ndings, this study has generalized the use of macroeconomic measurements in the credit limit models. This thesis also proposed segmenting the credit card accounts by the accounts' repayment patterns. The credit card population in general can be segmented into Transactors or Revolvers. Empirical ndings show the impact of economy are signicantly different for Transactors and Revolvers. This study provides a detailed picture of the application of Markov Decision Process models in adjusting the credit limit of credit card accounts.
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Vlieghe, Gertjan Willem. "Credit market imperfections : macroeconomic consequences and monetary policy implications." Thesis, London School of Economics and Political Science (University of London), 2005. http://etheses.lse.ac.uk/2423/.
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In this thesis, dynamic general equilibrium models are developed for the analysis of credit market imperfections. The first chapter provides an overview of the thesis and sets out the motivation for the research. In the second chapter, the focus is on house prices. Empirical work is carried out to investigate the co-movement of house prices, housing investment, consumption and monetary policy in the UK. A general equilibrium model is then developed to fit some key patterns in the data. An important feature of the model is that house prices have a direct impact on consumption, because housing serves as collateral against which consumers can borrow. The model is used to analyse how the co-movement of key variables is likely to have changed following financial liberalisation in the 1980s. The third chapter develops a framework in which entrepreneurs want to borrow from and lend to each other because investment opportunities are always changing. Credit markets do not work perfectly, so borrowing can only take place against collateral. Moreover, monetary policy has real short-run effects due to nominal rigidities. The credit frictions cause productivity shocks to have a large and persistent effect on aggregate output and asset prices, as falls in output are accompanied by a transfer of capital from highly productive borrowers to less productive lenders. But nominal rigidities interact strongly with this mechanism: the more aggressively the monetary authorities stabilise inflation, the larger the output and asset price movements. The final chapter investigates how monetary policy should be set optimally, in the sense of maximising the welfare of the private sector agents. It is found that optimal monetary policy allows for a temporary rise in inflation following an adverse productivity shock, which will lead to more stable output and asset prices. The interaction of credit frictions and nominal rigidities therefore creates a short-term trade-off between the stabilisation of output relative to its efficient level and the stabilisation of inflation.
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Hong, Boon Ping. "The impact of monetary policy on bank credit and trade credit for the UK's SMEs : a disequilibrium model of credit rationing." Thesis, University of Leeds, 2017. http://etheses.whiterose.ac.uk/17753/.
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This thesis aims to examine the extent to which the UK's SMEs face credit rationing and to examine the impact of monetary policy on the availability of bank credit to the UK's SMEs, and the substitution relationship between bank credit and trade credit. The estimation is based on a large dataset between 1991 and 2010. Using disequilibrium model of credit rationing to estimate the impact of monetary policy is able to detangle the effect of demand from the supply and it overcome the identification problem in the previous studies of credit channel of monetary transmission. An index of monetary condition (MCI) that incorporated both interest rate and exchange rate in the estimation has been used as a measure of monetary condition in the UK. The results show that the demand for bank loans for small and medium sized firms increases when they have stronger needs of working capital and investment, lower level of internal cash flow and trade credit, and larger firm size. This is compared to micro sized firms in the sample which their demand for bank loans increase when they have more internal cash flow and trade credit, lower needs of working capital but stronger for investment, and firm size. The supply of bank loans for UK's SMEs was determined by firm risk, size, collateral, trade credit, and if it belongs to the manufacturing industry. The result also confirms that lower proportion of medium firms were borrowing constraint than micro and small firms. Based on the fixed effect panel data estimation method, the results show that small and medium sized firms that are borrowing constraint use more trade credit than unconstraint, and those borrowing unconstraint tend to extend more credit to other firms when they have access to bank credit. The results provide practical knowledge for policymakers regarding the financing of the UK's SMEs, which plays a key role in the UK economy.
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Stoianovici, Petru Stelian. "Restrictions on credit a public policy analysis of payday lending /." Connect to this title online, 2008. http://etd.lib.clemson.edu/documents/1219953861/.
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Gebauer, Stefan [Verfasser]. "Essays on Credit, Macroprudential Regulation, and Monetary Policy / Stefan Gebauer." Berlin : Freie Universität Berlin, 2020. http://d-nb.info/1216878153/34.
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Ryan-Collins, Joshua. "Credit creation, monetary policy and the macroeconomy : three empirical studies." Thesis, University of Southampton, 2016. https://eprints.soton.ac.uk/387363/.
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This thesis is composed of three empirical studies examining the relationship between credit creation, monetary policy and macroeconomic activity. It is motivated by the neglect of credit in mainstream macroeconomic theory and empirical work prior to the financial crisis of 2007-08. The first study investigates the relationship between monetary policy and nominal GDP in the United Kingdom over 50 years using a new quarterly dataset. Different theories of the monetary transmission mechanism are tested using the ‘General-to-Specific’ (GETS) method. A long-run cointegrating relationship is found between a real economy credit growth variable and nominal output growth. Changes to short-term interest-rates and broad money growth fall out of the parsimonious model. Vector error correction and vector auto-regression (VAR) analysis finds one- way Granger causality from credit growth to nominal-GDP growth. The second study examines evidence of a ‘credit cycle’ by analyzing the dynamic interlinkages between credit, house prices, monetary policy, and economic activity in nine advanced economies. Credit is decomposed in to ‘productive credit’ (bank lending to non-financial firms and for consumption) and ‘asset market credit’ (lending for domestic mortgages or financial assets). Country-level and panel VAR analysis finds: 1) a secular growth in asset market credit relative to productive credit; 2) productive credit growth has a stronger impact on real-GDP growth than asset-market credit although there is cross-country heterogeneity; (3) property prices strongly influence both credit growth aggregates and the macroeconomy; and (4) interest rates are more weakly linked to the other variables. The third study considers the monetary financing of government expenditure by central- banks as a monetary policy tool. This is pertinent today given historically high private and public debt-to-GDP levels. A literature review finds little support for the standard claim that such activity leads to damaging inflation. A counter-example is presented via an institutional case study of the central bank of Canada during the period 1935-1975 when it monetised on average 25% of government debt to support fiscal expansion and economic growth. Econometric analysis also finds no evidence for a relationship between monetary financing and inflation. The policy implications of the thesis are that: 1) credit growth plays a central role in the monetary policy transmission mechanism; 2) there is evidence of a credit cycle strongly related to house prices in advanced economies which may be strengthening over time; and 3) monetary financing of government deficits should be considered as a policy tool given high private debt levels and private banks’ turn towards asset market credit creation.
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XUE, Xinshu. "The impact of credit default swaps on corporate investment policy." Digital Commons @ Lingnan University, 2015. https://commons.ln.edu.hk/fin_etd/14.
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Credit Default Swaps (CDSs) play an important role in the financial markets. The introduction of CDSs has impacts on the bond market, and the financial characteristics and creditworthiness of the underlying reference entities. When financing is not frictionless, the investment policies of firms are related to their financial conditions. However, whether or how the introduction of CDS will directly affect the investment policy of the firm has not been examined empirically in the literature. To shed light on this issue, my study investigates the relation between credit default swaps trading and corporate investment policy for the listed firms in the United States using the data of CDS reference entities from 2002 to 2014. I find that the introduction of CDSs is negatively related to the investment decisions of reference entities. Furthermore, the relation is more significant when the reference entities have financial constraints and depend more on external credit supply. Overall, when a listed firm becomes a CDS reference entity, the probability of its underinvestment will increase. The study contributes not only to the growing literature on the relationship between CDS introduction and the reference firm, but also to the literature on corporate investment policy making.
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Buechel, Kathryn Jean. "Institutional Adaptation and Public Policy Practices of Military Transfer Credit." Diss., Virginia Tech, 2020. http://hdl.handle.net/10919/96791.
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Veterans who served our country, return with a wealth of experience that transfer into military credit for prior service. These transfer credits in institutions of higher education apply towards education degree attainment. With colleges and universities implementing individual policies for acceptance of credits, veterans experience a loss of credits leading to a duplication of required classes to achieve degrees. To understand inconsistent practices, both federal and institutions of higher education polices are examined. Framed by institutionalization theory, this research sheds light on the public policy process and administration of credit at the organization over time. The study provides findings for how the largest public college and higher education institution in the state of California awards academic credit for military education. Evidence suggests that public higher education institutions adapt based on effective leaders who define and defend the organization's institutional values and mission.
This study provides findings on institutional adaptations to create policies and practices that public administrators use to apply transfer military credit into postsecondary academic credit. The focus is on postsecondary credit transferred, or articulated, by entering military first-year students using the GI Bill. The study asks how have major institutions of higher education formalized institutional policies and practices on awarding academic credit for military education?Doctor of Philosophy
This study provides findings on institutional adaptations to create policies and practices that public administrators use to apply transfer military credit into postsecondary academic credit. The focus is on postsecondary credit transferred, or articulated, by entering military first-year students using the GI Bill. The study asks how have major institutions of higher education formalized institutional policies and practices on awarding academic credit for military education?
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Sebuharara, Ruzima C. "Financial liberalization and transmission of monetary policy in developing countries the cases of Ghana and Kenya /." Diss., Online access via UMI:, 2005.
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Choi, Jae-Young. "Comparing monetary policy indicators and the credit channel of monetary policy : the role of small borrowers /." free to MU campus, to others for purchase, 1998. http://wwwlib.umi.com/cr/mo/fullcit?p9901226.
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Clarke, Tanya M. "Financial markets, portfolio theory and the credit crunch." Thesis, University of Southampton, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.286964.
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Gebregiorgis, Bekele Sinkie. "Essays in the international economics of credit and banking." Thesis, McGill University, 2008. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=115643.
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This dissertation is entitled "Essays in the International Economics of Credit and Banking". It comprises three essays. The first essay develops an empirical model of international credit with moral hazard and the risk of repudiation to examine (i) the determinants of the intertemporal and cross-national variations in credit ceilings and (ii) the channels through which output attracts foreign credit. It reports that productivity is the most important variable in attracting credit, followed by education, and then physical capital. Furthermore, international trade, country financial risk ratings, and geography explain more than 60% of the cross-national variations in credit ceiling. Therefore, international relations and investment in education and productivity-enhancing institutions are crucial in attracting foreign credit.The second essay develops open-economy variants of the old Friedman-Schwartz and the new Lucas-Sargent-Wallace monetarist models to investigate the puzzle of monetary neutrality. The essay further introduces financial aggregation theories into the models. It studies the theoretical and business-cycle relationships between real output and financial aggregates, interest rates, exchange rate, and prices using Canadian quarterly data for the period 1959: 1 to 2002: 1. It reports that the open-economy variants of the monetarist models with aggregation-theoretic financial aggregates perform the best in producing significant sign patterns that are predicted by theory. Furthermore, Monte Carlo experiments show that large percentage of real output variance is explained by shocks to aggregation-theoretic financial aggregates relative to other variables. Thus, there is no difference between the effects of anticipated and unanticipated monetary shocks.
The third essay examines the appropriate formulation of the monetary aggregate for the Nigerian economy for the period 1970:1-2000:4 for the determination of real output. This examination covers simple sum, variable elasticity of substitution (ves), and divisia (dv) aggregation over currency, demand deposits, and savings deposits. The user cost of liquid assets is employed in the construction of both the dv and the yes aggregates. Using maximum likelihood estimation technique, the essay reports that, for the Nigerian economy, currency does as well as or better than any narrow- or broad-money measure in explaining industrial production. Further, the simple sum m1 and m2 outperformed both the yes and dv aggregates. Therefore, monetary policy in Nigeria should focus on the supply of currency and/or of narrow money, rather than on broad money or the divisia aggregates.
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Spencer, Brett. "Credit Market Imperfections, Financial Crisis and the Transmission of Monetary Policy." Scholarship @ Claremont, 2011. http://scholarship.claremont.edu/cmc_theses/163.
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This paper uses U.S. macroeconomic data drawn from 2001 to 2010 in order to test for the operation of a credit channel of monetary transmission. Using a combination of a VAR and ADL time series frameworks, evidence is found for the impairment of the credit channel during the crisis period relative to the period which preceded it. Evidence is also found against the presence of a "credit crunch" during the crisis, and supporting evidence is found for the existence of a "credit trap." This analysis indicates a significant role for credit market imperfections in the transmission of monetary policy, and holds policy implications for the potential impact of future monetary expansions conducted in the setting of a financial crisis.
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Atanasova, Christina V. "Credit market imperfections, financial intermediation and the transmission of monetary policy." Thesis, University of Leeds, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.414507.
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Weismuller, Jay. "Earned income tax credit expansions and filing behavior among eligible individuals." Thesis, Georgetown University, 2016. http://pqdtopen.proquest.com/#viewpdf?dispub=10106967.
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This paper examines the relationship between expansions of Earned Income Tax Credit (EITC) benefits and federal tax return filing behavior among EITC eligible individuals. An estimated 13 to 18 percent of individuals who are eligible for EITC do not file tax returns, and therefore do not receive the credit. One understudied approach to reducing the EITC eligible nonfiler rate is increasing EITC benefits, which effectively increases filing incentives. This study uses panel data from the 2008 Survey on Income and Program Participation that track EITC eligible individuals before and after the EITC expansion in the American Recovery and Reinvestment Act of 2009 (n = 111,057). A cross-sectional Heckit model and fixed effects linear probability model estimate that a $100 increase in EITC is associated with a 5.1 to 5.9 percent increase in the 2009 filing propensity of 2007 EITC eligible nonfilers (p < 0.000). A generalized ordered logit model estimates that, among EITC eligible individuals without a filing requirement in 2007 and 2009, a $100 increase in EITC is associated with a 0.6 percent increase in the probability of persistent filing and a 0.4 percent decrease in the probability of persistent nonfiling across both years (p < 0.000). Greater participation should be counted among the potential benefits of EITC expansions.
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Papadatos, Dimofanis. "Loanable money capital, forms of money and monetary policy." Thesis, SOAS, University of London, 2011. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.679846.
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Roder, Anne. "An Examination of the Effectiveness of Community-Based Organizations in Helping Low-Income Individuals Improve Their Use of Credit and Credit Scores as Part of a Wealth-Building Strategy." Diss., Temple University Libraries, 2016. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/401970.
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SociologyPh.D.
In the U.S., wealth is unequally distributed across racial and income groups. Scholars have promoted numerous strategies to address inequalities in wealth, but evidence about their effectiveness is limited. This dissertation examines whether community-based organizations can help low-income individuals improve their credit usage and credit scores as part of a strategy to help them build their wealth. Credit histories and scores influence access to affordable loans and other forms of credit as well as employment and housing opportunities, insurance rates, and utility and rental deposits. As a result, credit plays an important role in individuals’ ability to weather financial crises, increase savings, and build wealth. Specifically, I assess the impacts and implementation of a program model that integrates financial education and counseling into employment services for low-income job seekers. The study uses a comparison group design to assess program impacts, comparing the outcomes of program participants to those of a matched group of low-income individuals who were seeking assistance from public employment agencies that did not offer financial or credit counseling. I use multivariate regression analysis to assess differences in the outcomes of program participants and comparison group members and to examine whether some organizations were more effective than others in helping participants achieve the outcomes. I also conduct a qualitative assessment of the organizational, programmatic, and contextual factors that influenced program implementation and outcomes across the five organizations in the study. I found that community-based organizations can help low-income individuals make progress in building positive credit histories. By combining financial education and counseling with employment services, the programs increased job seekers’ receipt of financial counseling relative to the comparison group, and program participants were more likely than comparison group members to have an increase in positive activity on their credit reports two years after entering the program. However, overall the program did not increase the likelihood that participants had a credit score or that they had a prime score after two years. Only program participants who had substantial recent credit activity when they entered the program were more likely than their counterparts in the comparison group to have a prime credit score after two years. Some organizations were more effective than others in helping low-income individuals achieve the targeted credit outcomes. Four of the five had impacts on whether participants had positive activity on their credit reports. One organization also had positive impacts on the likelihood of having a credit score and of having a prime score among all individuals who received financial counseling while two others had positive impacts on scores for subgroups of participants. One organization had no positive effects. The implementation analysis revealed that environmental, organizational, and programmatic factors interacted to produce differences in outcomes across organizations. Organizational and managerial experience with and commitment to the model and goals and integration of the model into the organizations’ core services were critical to effective implementation. The three organizations whose financial coaches embraced the model’s credit-building approach, which counsels individuals to use credit responsibly, had more positive impacts on credit outcomes than those that did not. The results also provide evidence that the characteristics of the communities the organizations served influenced outcomes. Communities’ racial composition was correlated with indicators of economic health, the presence of financial institutions, and credit availability, and the findings indicate that individuals in mixed race and majority-Hispanic communities were better able to access credit than those in majority-Black communities. This dissertation contributes to the policy and research literature in a number of ways. It uses a rigorous methodology to assess program effects, examines change in credit behavior and outcomes, assesses how implementation processes influence outcomes, and includes a broader segment of the low-income population than past studies, including those who lack credit histories. The findings provide evidence that low-income people of color face significant barriers to accessing mainstream forms of credit and suggest that policies are needed to increase consumers’ understanding of credit and access to credit at affordable rates and terms. The findings contribute to research and theory on the wealth accumulation process and can inform the work of policymakers and practitioners seeking to increase the financial well-being of low-income people of color.
Temple University--Theses
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El, Kafrawy Abdel Hamid H. "Housing policy and finance in Egypt : extending the reach of mortgage credit." Thesis, University of Glasgow, 2012. http://theses.gla.ac.uk/3299/.
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This thesis attempts to address the need for a clear strategy for the supply side in the Egyptian mortgage market. The thesis focuses for the first time on the issues in relation to the role of the bank and non-bank financial institutions in the creation of an effective and sustainable mortgage market that works better for low- and moderate-income households in Egypt as well as the role of these institutions after the mortgage market has reached a certain stage of development. The key research objectives are as follows: 1) to address why Egyptian housing co-operative societies can be seen as important policy agents to expand the mortgage credit beneficiaries base in Egypt; 2) to evaluate the effectiveness of the Egyptian housing co-operative societies as community based organisations and policy agents; 3) to identify and analyse the various economic, social and political factors influencing this effectiveness; 4) to assess the role of the banking institutions (as contextual stakeholders in the immediate environment of the Egyptian housing co-operative societies) in expanding access to mortgage credit and savings in Egypt; and 5) to identify which institutions constrain most the development of an effective and sustainable level of mortgage credit for low- and moderate-income households. In order to address these issues and objectives, the researcher reviewed the theoretical and empirical issues associated with the assessment of mortgage credit intermediation models to identify their reach and the limit of that reach and, implicitly, to examine what needs to be done to close the gap on what would be a more accessible mortgage market. Further, from 2008 to 2010, the researcher surveyed and interviewed a group of banking, co-operative and government officers in Cairo, Egypt. Questions regarding their attitudes towards housing policy and finance in Egypt were posed, especially in relation to the provision of mortgage credit in Egypt. The thesis found that Egyptian banking institutions, as agents in carrying out housing policies and finance, enabled the housing co-operative societies as stakeholders to form expectations towards the results of the new reforms with the same framework as they had done before. The survey and interviews showed that housing co-operative societies were dissatisfied with the expected results of recent reforms in the Egyptian housing and mortgage markets. It appears that resistance to the reforms was caused by the fact that housing co-operative societies were not interested. But the thesis found that the unfair distributive results associated with mortgage credit allocation were resented most by housing co-operative societies. Thus, the thesis concludes that to extend the reach of mortgage credit, there needs to be a wider strategy to reform the housing and mortgage markets in Egypt that includes strengthening the role of community institutions such as Egyptian housing co-operative societies based on well defined and structured stakeholder framework.
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SANTOS, HENRIQUE PINTO DOS. "THE INTERACTION BETWEEN MONETARY POLICY AND THE CREDIT MARKET: AN EMPIRICAL ANALYSIS." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2010. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=16577@1.
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As condições de crédito da economia têm uma influência direta nas decisões
de consumo e investimento tomadas pelos agentes, tendo em vista que em geral
eles não conseguem captar recursos pagando apenas a taxa básica de juros fixada
pela autoridade monetária. Então, deslocamentos na oferta de crédito,
interpretados neste trabalho como alterações no spread bancário para uma dada
taxa Selic, alteram o preço relativo do consumo futuro e impactam a demanda
agregada. Através da estimação de um VAR (Vector Auto Regression) para a
economia brasileira encontramos evidência empírica de que deslocamentos na
oferta de crédito têm efeito significativo sobre a atividade econômica. Em
seguida, estimamos uma função de reação do banco central, e os resultados
indicam que a autoridade monetária responde a uma queda no spread bancário
elevando sua meta para a taxa Selic, ceteris paribus, de forma a compensar a
alteração no trade-off intertemporal dos agentes.The credit conditions have a direct influence on the investment and consumption decisions made by the agents, considering that they usually can`t borrow paying only the basic interest rate fixed by the monetary authority. That being said, movements in the credit supply, interpreted in this work as changes in the credit spread for a given Selic rate, change the relative price of future consumption and have an impact on aggregate demand. Through the estimation of a VAR (Vector Auto Regression) for the Brazilian economy we find empirical evidence that a shock to the credit supply has a significant impact on economic activity. Afterwards, we estimate a central bank`s reaction function, and the results suggest that the monetary authority responds to a fall in the credit spread by hiking its interest rate target, ceteris paribus, in order to compensate the change in the intertemporal trade-off faced by the agents.
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Ahmad, Zulfiqar. "Modelling the impact of agricultural policy at the farm level in the Punjab, Pakistan." Thesis, University of Nottingham, 1997. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.389368.
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Bramma, Keith Michael. "AN EVALUATION OF BANK CREDIT POLICIES FOR FARM LOAN PORTFOLIOS USING THE SIMULATION APPROACH." University of Sydney, Department of Agricultural Economics, 1999. http://hdl.handle.net/2123/400.
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The aim of this study is to evaluate the risk-return efficiency of credit policies for managing portfolio credit risk of banking institutions. The focus of the empirical analysis is on the impact of risk pricing and problem loan restructuring on bank risk and returns using a simulation model that represents an operating environment of lenders servicing the Australian farm sector. Insurance theory principles and agency relationships between a borrower and a lender are integrated into the portfolio theory framework. The portfolio theory framework is then couched in terms of the capital budgeting approach to generate a portfolio return distribution function for a particular credit policy regime. Borrowers are segmented by region, industry, loan maturity and credit risk class. Each credit risk class defines risk constraints on which a stochastic simulation model may be developed for credit scoring an average borrower in a portfolio segment. The stochastic simulation method is then used to generate loan security returns for a particular credit policy regime through time with loan return outcomes weighted by the number of borrowers in a segment to give measures of portfolio performance. Stochastic dominance efficiency criteria are used to choose between distributions of NPV of bank returns measured for a number of credit policy alternatives. The findings suggest that banks servicing the Australian farm sector will earn more profit without additional portfolio risk if the maximum limit to which pricing accounts for default risk in loan reviews is positively linked to volatility of gross incomes of farm business borrowers. Importantly, credit-underwriting standards must also be formulated so as to procure farm business borrowers of above average productivity with loans that are fully secured using fixed assets. The results of simulations also suggest that restructuring loans in event of borrower default provide for large benefits compared to a �no restructuring� option.
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Trowler, Paul. "Academic responses to policy change in a single institution : a case study of attitudes and behaviour related to the implementation of curriculum policy in an expanded higher education context during a period of resource constraint." Thesis, Lancaster University, 1996. http://eprints.lancs.ac.uk/61672/.
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Rawat, Umang. "Essays on macroeconomic dynamics, credit intermediation and financial stability." Thesis, University of Cambridge, 2018. https://www.repository.cam.ac.uk/handle/1810/275970.
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This dissertation consists of three chapters. In the first chapter, we study the role of financial frictions on the demand side of the economy. In particular, we study the interaction between firm and household credit constraints over the business cycle. We construct a real business cycle model with explicit modeling of price and quantity side of housing. This allows us to include both firm and household financing frictions. The model is estimated for the U.S economy using quarterly data on key macroeconomic variables over the period 1970 - 2006. Household and firm financial accelerators operate primarily through movement in house and capital prices respectively. We find clear evidence of the operation of a financial accelerator mechanism, whereby shocks to the economy are amplified most in the presence of both types of frictions, as opposed to just firm or household frictions. Over the business cycle, total factor productivity shocks in the non-housing sector explain about half of the volatility of GDP and consumption. However, cyclical variations in housing investment and housing prices are predominantly explained by housing preference and housing technology shocks. Finally, spillovers from household financing frictions are mostly concentrated in consumption. However, they also affect business investment via its impact on the demand for capital and consequently its price. The second chapter focuses on financial frictions on the supply side. We study the role of bank capital in the transmission of shocks to the economy. Given the evolutionary change in the financial services industry and the growth of shadow banking in the decades prior to the global recession, we characterize credit intermediation with a heterogeneous banking sector comprised of traditional retail and shadow banking. We approach the shadow banking system from a regulation perspective wherein commercial banks have incentives to transfer loans from on- to off-balance sheet to gain regulatory relief. Since bank capital is costly, banks cover part of their funding needs by loan sale in the secondary market. Furthermore, these transferred loans are bundled together and converted into liquid asset backed securities. Commercial banks’ effective return is subject to their monitoring effort, which is unobservable and hence introduces a moral hazard problem in loan sale. This limits the amount of loan sold in the secondary market. We find that loan sale and securitization enhances credit intermediation in normal times and improves the resilience of the system to productivity shocks. However, it also exposes the economy to shocks emerging in the financial system. In response to financial market shocks, the government via its backstop program, can ameliorate its impact on the economy. Finally, we compare the model economy with Basel I and Basel II capital requirement and find that business cycle fluctuations are amplified under Basel II regime. Furthermore, in response to a negative productivity shock there is a transfer of loans from on to off balance sheet under Basel II rules with procyclical capital constraints. This points towards a need for countercyclical capital requirement as being implemented under Basel III accord. In the third chapter, we focus on the question of trade off between price and financial stability goals for the conduct of monetary policy. The recent crisis has generated renewed interest in Hayekian theory and Minsky’s instability hypothesis, which claims that accommodative monetary policy can be harmful for an economy by promoting excessive risk taking – the so called risk taking channel of monetary policy transmission. Risk Taking Channel has been documented for the U.S and Euro area and we investigate the presence of this in Asia. Using annual and quarterly data on publicly listed banks in Asia, we find that when interest rates are too low - lower than a benchmark - bank risk increases. Furthermore, there is also a case for greater supervision and capital stringency to alleviate risk taking.
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Harlow, Kristin J. "Evaluation of College Credit Plus: Dual Enrollment in Ohio." The Ohio State University, 2018. http://rave.ohiolink.edu/etdc/view?acc_num=osu1543312670683351.
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Koch, Christoffer. "Essays on the credit channel of monetary transmission." Thesis, University of Oxford, 2011. http://ora.ox.ac.uk/objects/uuid:76bcdc03-c8da-4dde-aff9-7585d39e95bd.
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This thesis is a collection of three essays with contributions to the empirical literature on banking and the lending channel of monetary policy. The first essay on monetary policy identification addresses the endogeneity of the monetary policy measure employed in most bank level studies of the lending channel. It shows how an identified, exogenous measure of policy evokes different lending dynamics in U.S. commercial banks compared to the standard endogenous measure of monetary policy. The second essay empirically assesses the impact of financial deregulation on the lending channel in the U.S. In particular, it analyses how the gradual phasing out of deposit rate ceilings commonly known as Regulation Q significantly altered bank level frictions as well as the transmission of monetary policy to individual bank lending. While the first two essays consider U.S. bank level data, the third essay analyses individual bank level lending responses in the euro area. Its contribution lies in the construction of a range of exogenous and unanticipated monetary policy shocks as well as in the introduction of a financial conditions index into standard lending regressions. It finds that the lending responses of individual banks to monetary policy do not support the existence of a separate lending channel in the euro area. Further, equilibrium lending responses to policy as measured by a range of policy shocks is non-linear in financial conditions. Specifically, financial conditions as measured by the relative performance of a broad index of euro area banking stocks to the overall euro area stock market reverse the impact of monetary policy on lending.
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Wilson, Pamela G. "Ohio College Credit Plus: A Policy Analysis of Two Central Ohio Public High Schools in the First Year of Implementation." Ohio University / OhioLINK, 2016. http://rave.ohiolink.edu/etdc/view?acc_num=ohiou1458212499.
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Prieto, Fernandez Esteban [Verfasser], and Claudia [Akademischer Betreuer] Buch. "Essays in Credit, Banking and Monetary Policy / Esteban Prieto Fernandez ; Betreuer: Claudia Buch." Tübingen : Universitätsbibliothek Tübingen, 2014. http://d-nb.info/1163235237/34.
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Mustafayev, Elchin. "Policy interactions, uncertainty, and credit cycles in financial dynamic stochastic general equilibrium models." Thesis, University of Nottingham, 2018. http://eprints.nottingham.ac.uk/53227/.
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This dissertation joins a vibrant conversation in macroeconomics about the role of financial frictions in business cycles spurred on by the recent financial crisis. Our proposed study contributes to this lively debate in a fundamental way by putting forward two DSGE models. Firstly, we consider a DSGE model which accounts for the financial sector and assumes a distorted steady state. Unlike in studies where the welfare effects of distinct policy bodies i.e. the central bank and the macroprudential institution are not tracked, in our proposed model we derive welfare-based loss functions that trace associated inefficiencies emerging from both nominal and financial distortions. Therefore, to the best of our knowledge, this model is the first to consider welfare-based mandates to the central bank and the macroprudential institution that targets related inefficiencies. In addition, a key innovation of this model is the use of such welfare-based mandate in a game-theoretical framework. Secondly, we introduce a DSGE model, which in addition to financial frictions, is augmented with stochastic volatility and nominal rigidities. This model is then used to assess the effectiveness of conventional, unconventional monetary policies and macroprudential policies in mitigating the effects of disturbances in the presence of risk shocks. To the best of our knowledge, this second model is the first to analyse the effectiveness of unconventional monetary policy and macroprudential policies with stochastic volatility. Furthermore, another key novelty of our research is the analysis of the interactions between three policy options, namely conventional, unconventional monetary and macroprudential policies.
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Prieto, Esteban [Verfasser], and Claudia [Akademischer Betreuer] Buch. "Essays in Credit, Banking and Monetary Policy / Esteban Prieto Fernandez ; Betreuer: Claudia Buch." Tübingen : Universitätsbibliothek Tübingen, 2014. http://nbn-resolving.de/urn:nbn:de:bsz:21-dspace-570038.
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Fonseca, Marcelo Gonçalves da Silva. "Essays on the credit channel of monetary policy: a case study for Brazil." reponame:Repositório Institucional do FGV, 2014. http://hdl.handle.net/10438/11748.
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O estouro da crise do subprime em 2008 nos EUA e da crise soberana europeia em 2010 renovou o interesse acadêmico no papel desempenhado pela atividade creditícia nos ciclos econômicos. O propósito desse trabalho é apresentar evidências empíricas acerca do canal do crédito da política monetária para o caso brasileiro, usando técnicas econométricas distintas. O trabalho é composto por três artigos. O primeiro apresenta uma revisão da literatura de fricções financeiras, com especial ênfase nas suas implicações sobre a condução da política monetária. Destaca-se o amplo conjunto de medidas não convencionais utilizadas pelos bancos centrais de países emergentes e desenvolvidos em resposta à interrupção da intermediação financeira. Um capítulo em particular é dedicado aos desafios enfrentados pelos bancos centrais emergentes para a condução da política monetária em um ambiente de mercado de capitais altamente integrados. O segundo artigo apresenta uma investigação empírica acerca das implicações do canal do crédito, sob a lente de um modelo FAVAR estrutural (SFAVAR). O termo estrutural decorre da estratégia de estimação adotada, a qual possibilita associar uma clara interpretação econômica aos fatores estimados. Os resultados mostram que choques nas proxies para o prêmio de financiamento externo e o volume de crédito produzem flutuações amplas e persistentes na inflação e atividade econômica, respondendo por mais de 30% da decomposição de variância desta no horizonte de três anos. Simulações contrafactuais demonstram que o canal do crédito amplificou a contração econômica no Brasil durante a fase aguda da crise financeira global no último trimestre de 2008, produzindo posteriormente um impulso relevante na recuperação que se seguiu. O terceiro artigo apresenta estimação Bayesiana de um modelo DSGE novo-keynesiano que incorpora o mecanismo de acelerador financeiro desenvolvido por Bernanke, Gertler e Gilchrist (1999). Os resultados apresentam evidências em linha com aquelas obtidas no artigo anterior: inovações no prêmio de financiamento externo – representado pelos spreads de crédito – produzem efeitos relevantes sobre a dinâmica da demanda agregada e inflação. Adicionalmente, verifica-se que choques de política monetária são amplificados pelo acelerador financeiro. Palavras-chave: Macroeconomia, Política Monetária, Canal do Crédito, Acelerador Financeiro, FAVAR, DSGE, Econometria Bayesiana
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Lehobo, Limakatso. "Monetary policy transmission in South Africa: the prime rate-demand for credit phase." Thesis, Rhodes University, 2006. http://hdl.handle.net/10962/d1020850.
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A voluminous literature attempts to explain the various channels of the monetary policy transmission mechanism through which central banks ultimately achieve price stability. However, most research focuses on interest rate pass-through and the demand for money phase, while there is limited research on the demand for credit. This study endeavours to contribute to the understanding of this neglected phase of monetary policy transmission by exploring the response of the real demand for bank credit by the private sector to changes in the real prime rate from 1990:1 to 2004:4 in South Africa. Firstly, the behaviour of the real prime rate in relation to the repo rate is explored using graphical analysis. The study observes that an increase in the repo rate causes an increase in the real prime rate, such that there is always a margin of three or four percentage points between the two rates. Secondly, using secondary data, the Johansen methodology is used to determine the relationship between the demand for bank credit and its determinants (GDP, inflation, real prime rate and real yield on government bonds). Two co-integrating relationships are found. The Gaussian errors from one co-integrating vector are used to model the Vector Error Correction Model, which provides the short-run dynamics and the long-run results, through the use of Eviews 5 software. The results of the study show that while all other variables are negatively related to the demand for bank credit in the long-run, GDP has a positive influence. In the short-run, yield on government bonds and inflation coefficients depict a positive association, while the coefficients of real prime rate and GDP are negative. The error correction coefficient is -0.32, which implies that a 32% adjustment to equilibrium happens in the demand for bank credit in a quarter and that the complete adjustment takes about three quarters to complete. Thirdly, the generalised impulse responses results indicate that the impact on the real prime rate affects the demand for bank credit from the first quarter. The study concludes that the real prime rate has a negative impact on the demand for credit both in the short-run and long-run.
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Chuang, Tien Ming, and 田明昌. "Discussion On Credit Card And Credit Policy Change." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/66950866061662545648.
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碩士國立高雄應用科技大學
金融資訊研究所
99
After Taiwan’s twin card storm in 2005, the regulation authority implemented a series of reform policies to prevent the recurrence of another storm. To examine whether the reform policies did effectively prevent the credit card defaults, this study utilizes logistic regression to find out the factors significantly affecting the default probabilities with credit cards issuance data before and after the storm. The results show that age, career and education significantly affect the default probability before the storm, however, only real estate has significant affect on the credit card default after the storm. This suggests that banks’ credit card issuance policies are rather lease before the storm, but their issuance policies turn to be stricter after the regulation authority’s credit card reform policies.
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Chen, Kuan-Jen, and 陳冠任. "Cash Policy and Credit Risk." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/51744548512800259507.
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碩士東吳大學
企業管理學系
98
After Credit Crisis destroyed the world banking system, the firms’ inside liquid risk is awared. Then many financial experts suggested the firms that should have “Cash is King.” finical policy to defiance liquid risk. But that high cash holding always means low credit risk? This study surveyed the relation between all TSE(Taiwan Stock Exchange) firms’ credit rating and cash holding. Then I discovered a counterintuitive thing that the higher credit rating firms did not always hold more cash, but lower credit rating firms held the most cash! The studies of credit risk always measure firms’ credit risk by corporations’ bond spreads. The empirical study (Acharya, Davydenko, & Strebulaev, 2008) shows that the firms’ positive correlation between cash and spreads resulting from precautionary savings. This study set precautionary savings motive variables as cash policy’s “endogenous” factors. And then we used instrument variables method setting corporate governance and future growth variables as cash policy’s “exogenous” factors. This study would compare firms’ cash policy with precautionary savings or non by instrument variables method. The result of this study shows that the effect of precautionary savings motive on cash policy is not strong in TSE firms. We also tested electronics and non- electronics firms, but the result was same. So, the result just proved that cash holding is a negative factor of credit risk.
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Yu-LinHuang and 黃幼琳. "Credit Risk and Cash Policy." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/d6u9p9.
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博士國立成功大學
財務金融研究所
102
The first essay is to investigate how the corporate cash allocation changes with the credit risk by investigating the change of cash allocation into short run (SR) operating working capital and long run (LR) investments. The results indicate that firms generally tend to invest additional cash more in LR investments than in SR working capital. However, firms would decrease their cash allocation into LR investments and increase the allocation into SR working capital investments when they face higher credit risk than others. Furthermore, the cash allocation effect on SR and LR investments is mainly driven by the profitability problem instead of cash-flow problem. The credit risk caused by the cash-flow risk does not necessarily lead to the increased cash allocation into SR working capital investments, because firms under SR cash shortage can still raise funds to mitigate the liquidity problem as long as they have a good LR perspective. The second essay examines the effect of credit risk on corporate performance by testing the effect of credit risk on the relation between corporate investments and subsequent performance. The results demonstrate that the effect of credit risk is likely to enhance the quality of corporate investment decisions and thus improves the negative relation between corporate investments and corporate performance. The improvement of credit risk in such investment-performance relation is more associated with mispricing-explained theory than optimal investment theory. The findings are robust for firms under different corporate governance environment and marginally evidence that the improvement of credit risk in negative investment-performance relation is weaker in poorly-governed firms than that in well-governed firms.
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HSUEH, YU-CHIN, and 薛鈺錦. "Bank Credit Risk and Monetary Policy." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/61900729755417850691.
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碩士國立高雄應用科技大學
金融系金融資訊碩士班
104
A procedure is estimated that Taiwan's domestic bank optimal credit risk in 2006-2014, and research the relationship between credit risk and monetary policy. Using ordinary least squares (OLS) of Panel data, plus the fixed effect of cross-section and whether plus the fixed effect of time or not to estimate optimal credit risk when bank profit maximization. Consider the problem of endogeneity, using generalized method of moments (GMM) estimate Panel data again. Based on bank must risk-taking to obtain profits, but when banks take too much risk, causing bank have loss, it assumed the relationship between credit risk and profit is non-linear. The theory think about when bank profit maximization, there exists an optimal credit risk, therefore, the relationship between credit risk and bank profit as an inverted U-shape curve. This paper using vector error correction model (VECM) to estimate long-term relationship between credit risk and monetary policy. The result of empirical indicate that the model of generalized method of moments has fixed effect of cross-section and no the fixed effect of time is better. And show that credit risk is cyclical. Realized credit risk is pro-cyclical and optimal credit risk is leading cyclical. The optimal credit risk is higher than realized credit risk in good economic periods; in contrast, realized credit risk is higher than optimal credit risk in bad economic periods. In good economic periods, contractionary monetary policy would make optimal credit risk is higher than realized credit risk, decrease realized credit risk but increase optimal credit risk. Similarly, in bad economic periods, expansionary monetary policy would make optimal credit risk is lower than realized credit risk, increase realized credit risk but decrease optimal credit risk.
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Huang, Yaoli, and 黃嬈莉. "Application of the Second Evaluation Mechanism of Credit Risk in Credit Policy." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/04159553455933931809.
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碩士東吳大學
會計學系
92
ABSTRACT Because of information asymmetry between the banks and the borrowers, credit granting is an important issue for every bank’s operation. This thesis intends to study that, under the basic evaluation mechanism of credit risk, in which situation, they need the second evaluation mechanism of credit risk to get more valuable and reliable information which is to improve the quality and effectiveness of credit granting and to lower bad debits. This study uses an analytical model to discuss the conditions and limitations of executing the second evaluation mechanism of credit risk. Finally, we discuss the effects of related variables on executing the second evaluation mechanism of credit risk.
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Huang, Wei-Chieh, and 黃偉傑. "Tax-credit or subsidy? Environment Policy Analysis." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/v589y5.
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碩士僑光科技大學
財務金融研究所
105
This paper which base on Chiou and Hu (2001) framework encourage firm improve pollution-prevention-cure through subsidy of Tax. Besides, from Chin-Piao Yeh Tax policy model, it quotes quantity subsidy and pollution-prevention-cure subsidy. Therefore, the subsidies can yield respectively optimum quantity, quantity of improve pollution-prevention-cure, and social welfare. Furthermore, the better subsidy is found. This paper’s model follows a multi-stage game. In first stage, government decides the tax policy to maximum social welfare. In second stage, firm decides their respectively pollution through tax policy. In third stage, firms go into the quantity competition on product market. Major findings of the model are (1) Quantity, social welfare, and quantity of pollution-prevention-cure are inverse proportion to tax rate, but subsidy rate of quantity and subsidy rate of pollution-prevention-cure are direct proportion to tax rate. (2) Government should increase Tax-credit rate for higher pollution-prevention-cure, when the improvement is the main environment policy. (3) Tax-credit is more operative than subsidy policy, when the pas-tax-credit rate is more preferential than subsidy rate. (4) Quantity of pollution is lower under tax-credit of pollution-prevention-cure than ubsidy of quantity. (5) Pollution is always decreased by a rise tax rate.under s
49
LIN, Yang-Chih, and 林揚智. "On Banks’ Credit Policy to Small Businesses-A Case on Credit Guaranty Fund." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/99494617187490787224.
Full textAbstract:
碩士國立高雄第一科技大學
金融所
98
In Taiwan small businesses account for a significant portion of all enterprises and financing via banks is the major channel for founding. However, the global financial meltdown and increased in non- performing loans have rendered funds even harder to garner for small businesses. The rescue plans by the governmend and the enhancement of the credit guaranty fund retain the vitality of small businesses and the banks’ willingness to lend, showing the importance of the credit guaranty fund.
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Yang, Li-Yeh, and 楊立業. "The Credit Channel Of Monetary Policy：Evidence From The Residential Credit Policy In Taiwan." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/28067647650943356807.
Full textAbstract:
碩士國立臺北大學
經濟學系
99
In order to know how residential credit policy affects the economy in Taiwan. This paper makes an empirical analysis by vector autoregression model with residential credit policy. We examine the housing market after government executes the policy. This paper has two empirical results. First, the housing price shock has significant effect on durable consumption, but ineffective on residential investment and loan of total bank. Durable consumption shock also has significantly effect on GDP. Moreover, the loan of total bank shock has significant effect on durable consumption and residential investment. When subsidy policy executed, the loan of total bank shock has no significant effect. Besides, the execution of selective credit control policy leads to an insignificant effect of the loan of total bank shock on residential investment, and durable consumption shock has no significant effect on GDP as well. Second, the housing mortgage interest-rate subsidy policy has no significant effect on housing price, and the selective credit control policy is effective to decline housing price. In conclusion, the credit transmission channel has no significant empirical results, but wealth effect may exist in durable consumption.