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Journal articles on the topic 'Finanza. Credit crunch'

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Author: Grafiati

Published: 11 March 2023

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1

Nesvetailova, A. "Beyond the Minskyan Political Economy: Liquidity and Financial Innovation in the Global Credit Crunch." Voprosy Ekonomiki, no. 6 (June 20, 2011): 107–22. http://dx.doi.org/10.32609/0042-8736-2011-6-107-122.

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The credit crunch of 2007-2009 has been widely described as a Minsky moment in the world finance, and references to Ponzi schemes recur in the emergent theorizations of this crisis. However, the notion of Ponzi finance captures only one of the many disturbing elements in the complex set of causes of the crisis. Engaging with the emergent theories of the credit crunch, this paper argues that the main controversy of the global credit crunch centers on the role of financial innovation in the economic system. More specifically, it concerns the problem of liquidity and its metamorphoses in the modern financial system. Drawing on the scholarship of Hyman Minsky and heterodox political economy, this paper addresses the conceptual dilemma of the relationship between financial innovation and liquidity, in the light of the lessons of the global credit crunch.

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2

Holton, Sarah, Martina Lawless, and Fergal McCann. "SME Financing Conditions in Europe: Credit Crunch or Fundamentals?" National Institute Economic Review 225 (August 2013): R52—R67. http://dx.doi.org/10.1177/002795011322500107.

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Cross-country divergence in credit availability to Small and Medium Enterprises (SMEs) has been a salient feature of the recent Euro Area economic crisis. This paper uses firm level and macroeconomic data to identify heterogeneity in SME credit conditions within the Euro Area since 2009. By taking account of differences in firm quality and in the risk-free interest rate, we use remaining residual differences in credit supply conditions to identify a ‘credit crunch’. We investigate whether macroeconomic conditions such as real economy growth and private sector leverage can explain these residual credit crunches, finding that banks respond to these factors when allocating credit to SMEs. The analysis allows identification of economies where credit conditions appear both unexpectedly restrictive and accommodative.

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3

Paolazzi, Luca. "Nella crisi, oltre la crisi." ECONOMIA E POLITICA INDUSTRIALE, no. 1 (April 2009): 21–29. http://dx.doi.org/10.3280/poli2009-001003.

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- The economic crisis has changed the priorities of Italian manufacturing companies. The collapse of both domestic and foreign demand, together with the creeping credit crunch, has put survival at the top of the agenda. Many Italian firms have been struck during a process of change and innovation of products, processes and organization. Transformation is important and must continue, but this process of change requires policies aimed at supporting consumption and investment, in the absence of which even healthy companies would fail to outlive the crisis. This article explains what kind of policies are needed and why. Keywords: depression, credit crunch, corporate governance, industrial policies, incentives to consume Parole chiave: depressione, restrizione del credito, corporate governance, politiche industriali, incentivi al consumo Jel Classification: L25

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4

Shaw, Katy. "Feminist Finance: Recessionistas, Debt and the Credit Crunch." Cultura, Lenguaje y Representación - CLR, no. 12 (2014): 113–25. http://dx.doi.org/10.6035/clr.2014.12.6.

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5

Hiltrud, Nehls,, and Schmidt, Torsten. "Credit Crunch in Germany?" Credit and Capital Markets - Kredit und Kapital 37, no. 4 (April 1, 2004): 479–99. http://dx.doi.org/10.3790/ccm.37.4.479.

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6

Weale, Martin. "Data on the Credit Crunch." National Institute Economic Review 207 (January 2009): 71–72. http://dx.doi.org/10.1177/0027950109103681.

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One might expect bank borrowing to rise during a recession as businesses seek extra credit to tide them over; the data have to be seen in this context. Indeed, in the 1990s recession lending by banks adjusted for inflation continued to rise (with one interruption) until almost the end of the recession. However, recently lending to UK businesses has been declining, as figure 1 shows. This indicates lending by UK and foreign banks to non-bank businesses with data available up to the end of the third quarter of 2008 after deflating with the GDP deflator.

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7

Tavakoli, Manouchehr, David McMillan, and Phillip J. McKnight. "The Credit Crunch and Insider Trading." Financial Markets, Institutions & Instruments 23, no. 2 (April 7, 2014): 71–100. http://dx.doi.org/10.1111/fmii.12015.

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8

UDELL, GREGORY F. "SME ACCESS TO FINANCE AND THE GLOBAL FINANCIAL CRISIS." Journal of Financial Management, Markets and Institutions 08, no. 01 (June 2020): 2040003. http://dx.doi.org/10.1142/s2282717x20400034.

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This paper offers an overview of research on SME access to finance during the Global Financial Crisis (GFC) in order to cull key things that we have learned. It discusses selected articles that peg the frontier of knowledge on this topic in both European and American contexts. It highlights differences between these two areas in terms of how the crisis unfolded. It also identifies key differences in the availability of data between Europe and the US that shape the nature of the empirical analysis of the attendant credit crunch. Selected research on both the nature and magnitude of the impact of the credit crunch on the SME sector are discussed. Research on some key policy initiatives to mitigate the crisis’ damage in Europe and in the US are also discussed. The paper concludes with some comments on how research on the GFC might inform research on SME access to finance during the unfolding COVID-19 crisis.

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9

Buera, Francisco J., and Juan Pablo Nicolini. "Liquidity Traps and Monetary Policy: Managing a Credit Crunch." American Economic Journal: Macroeconomics 12, no. 3 (July 1, 2020): 110–38. http://dx.doi.org/10.1257/mac.20170040.

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We study a model with heterogeneous producers that face collateral and cash-in-advance constraints. A tightening of the collateral constraint results in a credit-crunch-generated recession that reproduces some features of the financial crisis that unraveled in 2007 in the United States. We use the model to study the effects, following a credit crunch, of alternative monetary and fiscal policies. (JEL E31, E44, E52, E62, G01, H63)

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10

Ward, Michael. "Regeneration Projects and the Credit Crunch." Local Economy: The Journal of the Local Economy Policy Unit 24, no. 2 (March 2009): 174–77. http://dx.doi.org/10.1080/02690940902717170.

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11

Walburn, David. "State Aids and the Credit Crunch." Local Economy: The Journal of the Local Economy Policy Unit 24, no. 2 (March 2009): 183–85. http://dx.doi.org/10.1080/02690940902717196.

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12

DARMOUNI, OLIVIER. "Informational Frictions and the Credit Crunch." Journal of Finance 75, no. 4 (May 26, 2020): 2055–94. http://dx.doi.org/10.1111/jofi.12900.

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13

Dorn, N. "The Governance of Securities: Ponzi Finance, Regulatory Convergence, Credit Crunch." British Journal of Criminology 50, no. 1 (September 10, 2009): 23–45. http://dx.doi.org/10.1093/bjc/azp062.

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14

Varaldo, Riccardo, and Lucio Lamberti. "La grande crisi globale: una sfida per la politica industriale e per le imprese." ECONOMIA E POLITICA INDUSTRIALE, no. 1 (April 2009): 9–19. http://dx.doi.org/10.3280/poli2009-001002.

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- The years to come are going to be very complex for global economies, a true challenge for industrial policy and corporate decisions. The first priority has been to ensure financial stability and to mitigate the credit crunch effects on economies, but a new strategic issue has to be put rapidly in place: the public rescue policy for economies and corporates. All measures must be taken to avoid the disruption of societies and economies, and this effort needs to be coordinated at the European and international level. In the short term, Italian industries will be less affected due to a higher flexibility and a less procyclical banking effect, but they will be very vulnerable in the long run because of the fragility of the corporate structure. More than other countries, Italy needs rapid action and a strategic political approach. Research and innovation are a must, and universities have to play a leading role in this phase. Keywords: recession, credit crunch, supply chain, business models, R&D policies, industrial Policies Parole chiave: recessione, restrizione del credito, filiera, modelli di business, politiche di R&S, politiche industriali JEL Classification: L25

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15

Hancock, Diana, and James A. Wilcox. "The “credit crunch” and the availability of credit to small business." Journal of Banking & Finance 22, no. 6-8 (August 1998): 983–1014. http://dx.doi.org/10.1016/s0378-4266(98)00040-5.

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16

Nield, Sarah. "Responsible lending and borrowing: whereto low-cost home ownership?" Legal Studies 30, no. 4 (December 2010): 610–32. http://dx.doi.org/10.1111/j.1748-121x.2010.00165.x.

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The recent experience of the credit crunch has cast doubt on the prudence of regulation of the mortgage market based upon the concepts of responsible lending and borrowing. Both the Turner Review and the Financial Services Authority's follow-up Mortgage Market Review identified irresponsible lending as one of the principle causes of the credit crunch. Yet easy access to mortgage finance has underpinned the growth of owner occupation and the promotion of low-cost home ownership. This paper examines recent regulatory initiatives to articulate responsible lending and borrowing in more concrete terms, which suggests a shift towards greater lender responsibility through affordability checks, clearer product explanation and the possibility of product regulation. Whilst such proposals may assist in the pursuit of a more stable mortgage market, they cast serious doubt on the future sustainability of low-cost home ownership.

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17

Tajti, Tibor. "The law-finance-technology nexus in the 21ST century. Is there a need to rethink the limits of law?" Society and Economy 37, no. 4 (December 2015): 461–75. http://dx.doi.org/10.1556/204.2015.37.4.3.

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As readily proven by the Credit Crunch and the consequent 2008 Global Financial Crisis, our perception of what law and regulation can achieve to forestall financial calamities and to protect the integrity of the system was seriously mistaken. Besides the misjudged risks generated by financial innovation as well as financial pathology and general incomprehension of finance as such, two further misconceptions are of interdisciplinary nature. On the one hand, the risk-type that was brought to the surface by the Credit Crunch was systemic risk; a risk of complexity and dimensions that was corollary only to the Great Depression erupting in 1929. From a legal perspective, this meant unprecedented interpenetration of various branches of law, from mortgage and corporate to securities law. The central piece in the puzzle – asset securitization – was a synergic product of these. The first conclusion the paper draws is that in the light of this there is a need for a new legal discipline – the law of finance – that would spread over all these branches of law (internal inter-disciplinarity). On the other hand, both the Credit Crunch as well as the subsequent developments on financial markets show that understanding finance and the risks inherent to it are not only becoming increasingly problematic (not only for lawyers) but that some of the risks are unidentifiable (“unknown unknowns”). Finance is inherently complex, yet further exacerbating factors are the growing presence of technology, mathematization of finance (and economics) and the possible synergic effects of various, often seemingly not linked, financial products. The second claim this paper makes consequently is that legal scholarship should face, comprehend and reckon with the roles other disciplines increasingly play in finance (external inter-disciplinarity) and the fundamentally altered nature of finance. Subscribing to the conclusion – on an abstract and theoretical level – that the looming crises should be perceived as multi-disciplinary phenomena that as such require multi-disciplinary panacea and more cooperation from the affected disciplines would be easy. In reality, however, little seems to have changed. Suffice to take a look at law school curricula to realize that actually few have recipes for such seemingly simple but practical questions as how to teach the law of finance, especially where consensus has not been reached even on whether teach it at all. Equally heavy dilemmas are already presented for regulators or judges when deciding on issues from the realms of finance law.

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18

Nishizawa, Akio. "Executive forum: Japan's 'credit crunch' and its consequences for venture finance." Venture Capital 1, no. 3 (July 1999): 275–84. http://dx.doi.org/10.1080/136910699295901.

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19

Khorshid, Aly. "Does Islamic Finance Industry Lack a Certain Degree of Credibility?" Journal of Emerging Economies and Islamic Research 4, no. 2 (May 31, 2016): 1. http://dx.doi.org/10.24191/jeeir.v4i2.9081.

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Islamic banking and finance sector risks losing a golden opportunity to demonstrate an alternative system that could prevent a future credit crunch and share risks. With the conventional banking sector slowly coming to terms with its high-profile collapses and bailouts, the Islamic sector has suffered only mild aftershocks. The question that comes to mind is: why are savers and investors not flocking to shariahcompliant banking? Could Islamic finance lack a certain degree of credibility? And if so, why?

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20

Buera, Francisco J., and Benjamin Moll. "Aggregate Implications of a Credit Crunch: The Importance of Heterogeneity." American Economic Journal: Macroeconomics 7, no. 3 (July 1, 2015): 1–42. http://dx.doi.org/10.1257/mac.20130212.

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We take an off-the-shelf model with financial frictions and heterogeneity, and study the mapping from a credit crunch, modeled as a shock to collateral constraints, to simple aggregate wedges. We study three variants of this model that only differ in the form of underlying heterogeneity. We find that in all three model variants a credit crunch shows up as a different wedge: efficiency, investment, and labor wedges. Furthermore, all three model variants have an undistorted Euler equation for the aggregate of firm owners. These results highlight the limitations of using representative agent models to identify sources of business cycle fluctuations. (JEL E22, E23, E32, E43, E44)

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21

Ryder, Nicholas, and Clare Chambers. "The Credit Crunch – Are credit unions able to ride out the storm?" Journal of Banking Regulation 11, no. 1 (December 2009): 76–86. http://dx.doi.org/10.1057/jbr.2009.14.

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22

Fan, Pengda, and Konari Uchida. "Credit crunch and timing of initial public offerings." Pacific-Basin Finance Journal 53 (February 2019): 22–39. http://dx.doi.org/10.1016/j.pacfin.2018.09.003.

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23

Kato, Ryo. "A note on pitfalls of credit crunch regressions." Economics Letters 99, no. 3 (June 2008): 504–7. http://dx.doi.org/10.1016/j.econlet.2007.09.042.

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24

Murphy, David. "The causes of the credit crunch: a backwards look?" Quantitative Finance 9, no. 7 (October 2009): 775–90. http://dx.doi.org/10.1080/14697680903323770.

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25

Iyer, Rajkamal, José-Luis Peydró, Samuel da-Rocha-Lopes, and Antoinette Schoar. "Interbank Liquidity Crunch and the Firm Credit Crunch: Evidence from the 2007–2009 Crisis." Review of Financial Studies 27, no. 1 (October 7, 2013): 347–72. http://dx.doi.org/10.1093/rfs/hht056.

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26

Hellowell, Mark, and Veronica Vecchi. "Credit crunch & infrastructure finance: assessing the economic advantage of recent policies." Academy of Management Proceedings 2013, no. 1 (January 2013): 12927. http://dx.doi.org/10.5465/ambpp.2013.12927abstract.

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27

Hale, Galina, and Carlos Arteta. "Currency crises and foreign credit in emerging markets: Credit crunch or demand effect?" European Economic Review 53, no. 7 (October 2009): 758–74. http://dx.doi.org/10.1016/j.euroecorev.2009.03.001.

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28

Tefera Tessema, Ameha, and Jan Walters Kruger. "Testing performance of an interest rate commission agent banking system (AIRCABS)." Banks and Bank Systems 12, no. 3 (September 7, 2017): 113–41. http://dx.doi.org/10.21511/bbs.12(3).2017.09.

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This paper sought to analyze data and interpret statistical results in testing the performance of an interest rate commission agent banking system. Primary and secondary data were collected from banking industry in Ethiopia to test the research hypotheses, credit risk and liquidity crunch have no impact on AIRCABS, investor loan funding has a positive impact on profitability and sustainability of AIRCABS and discrete market deposit interest rate incentive has a positive impact on stable deposit mobilization in a bank. To test the hypothesis, statistical tools such as Cronbach’s alpha, Kuder-Richardson (KR-20), canonical correlation and multinomial logistic regression were used. The result showed that credit risk and liquidity crunch have no effect on an interest rate commission agent banking system, investor loan funding has a significant strong relationship with profitability and sustainability of AIRCABS and discrete market deposit interest rate incentive has also a significant strong relationship with stable deposit mobilization. This led to a conclusion that an interest rate commission agent banking system (AIRCABS) model is viable and reliable.

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29

Yang, Hsin-Feng, Chih-Liang Liu, and Ray Yeutien Chou. "Interest rate risk propagation: Evidence from the credit crunch." North American Journal of Economics and Finance 28 (April 2014): 242–64. http://dx.doi.org/10.1016/j.najef.2014.03.010.

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30

Bijapur, Mohan. "Does monetary policy lose effectiveness during a credit crunch?" Economics Letters 106, no. 1 (January 2010): 42–44. http://dx.doi.org/10.1016/j.econlet.2009.09.020.

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31

Murphy, David. "A preliminary enquiry into the causes of the Credit Crunch." Quantitative Finance 8, no. 5 (August 2008): 435–51. http://dx.doi.org/10.1080/14697680802333037.

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32

RHOADES, SEZA DANISOG¬LU, and Z. NURAY GÜNER. "Economic Uncertainty and Credit Crunch : Evidence from an Emerging Market." Emerging Markets Finance and Trade 39, no. 4 (July 2003): 5–23. http://dx.doi.org/10.1080/1540496x.2003.11052547.

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33

Ryan, Stephen. "Fair Value Accounting: Policy Issues Raised by the Credit Crunch." Financial Markets, Institutions & Instruments 18, no. 2 (May 2009): 163–64. http://dx.doi.org/10.1111/j.1468-0416.2009.00147_14.x.

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34

Taltavull de la Paz, Paloma. "New housing supply and price reactions: evidence from Spanish markets." Journal of European Real Estate Research 7, no. 1 (April 29, 2014): 4–28. http://dx.doi.org/10.1108/jerer-10-2013-0023.

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Purpose – The paper develops a housing model equation for Spain and selected regions to estimate new supply elasticity. The aim of the paper is to assess the role of housing supply on price evolution and explain the fall in housing starts since the start of the credit crunch. Design/methodology/approach – The paper uses a pooled EGLS specification controlling for the presence of cross-section heteroskedasticity. Fixed effect estimators are calculated to capture regional heterogeneity. The model uses secondary data (quarterly) for 17 Spanish regions over the period 1990-2012. A recursive procedure is applied to estimate model parameters starting with a baseline model (1990-1999) and successively adding one-year time information. Elasticities, as well as explanatory power from models, are reported and jointly analyzed. Elasticity is interpreted as the extent to which market mechanisms drive developer responses. Findings – Elasticities of new supply are shown to be very stable during all periods but characterized by differences in response at a regional level. Elasticity ranges from 0.8 to 1.3 across regions. The model reports a non-market-oriented mechanism that guides building decisions. The credit crunch and debt crisis have had a double negative effect capturing the cumulative effect of exogenous shocks. Research limitations/implications – Elastic responses restrained the effects of over-pricing in the period of strong demand pressures in the early 2000s. Changes in elasticity parameters over time suggest that long-term elasticity in housing supply depends on the specific region analyzed. The results show that the credit crunch shock had varying degrees of severity in Spanish regions, dramatically reducing house-building because of the high sensitivity to changes in prices. Practical implications – Estimated elasticity may be used to forecast responses to changes in housing prices. The results add to the understanding of the equilibrium mechanism in the housing market across regions. Originality/value – This is the first article that analyses housing supply, calculates supply elasticities and measures the impact of the credit crunch on the housing market from the supply side in Spain. The paper adds evidence to the debate concerning the equilibrium mechanism in the housing market.

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35

Wang, F. Albert, and Ting Zhang. "Financial Crisis and Credit Crunch in the Housing Market." Journal of Real Estate Finance and Economics 49, no. 2 (April 16, 2013): 256–76. http://dx.doi.org/10.1007/s11146-013-9421-4.

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36

Hall, Maximilian J. B. "The sub‐prime crisis, the credit crunch and bank “failure”." Journal of Financial Regulation and Compliance 17, no. 4 (November 13, 2009): 427–52. http://dx.doi.org/10.1108/13581980911004398.

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37

Peek, Joe, and Eric Rosengren. "Credit Supply Disruptions: From Credit Crunches to Financial Crisis*." Annual Review of Financial Economics 8, no. 1 (October 23, 2016): 81–95. http://dx.doi.org/10.1146/annurev-financial-121415-032831.

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38

Fergus, James T., and John L. Goodman. "The 1989-92 Credit Crunch for Real Estate: A Retrospective." Real Estate Economics 22, no. 1 (March 1994): 5–32. http://dx.doi.org/10.1111/1540-6229.00624.

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39

Ikhide, Sylvanus. "Was There a Credit Crunch in Namibia Between 1996–2000?" Journal of Applied Economics 6, no. 2 (November 2003): 269–90. http://dx.doi.org/10.1080/15140326.2003.12040595.

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40

Shrieves, Ronald E., and Drew Dahl. "Regulation, recession, and bank lending behavior: The 1990 credit crunch." Journal of Financial Services Research 9, no. 1 (March 1995): 5–30. http://dx.doi.org/10.1007/bf01051961.

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41

PRESBITERO, ANDREA F., GREGORY F. UDELL, and ALBERTO ZAZZARO. "The Home Bias and the Credit Crunch: A Regional Perspective." Journal of Money, Credit and Banking 46, s1 (January 27, 2014): 53–85. http://dx.doi.org/10.1111/jmcb.12078.

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42

Pouyan, Mashayekh-Ahangarani. "The Structural Change in Mortgage–Treasury Spreads during the Credit Crunch." Journal of Fixed Income 18, no. 3 (December 31, 2008): 47–51. http://dx.doi.org/10.3905/jfi.2009.18.3.047.

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43

Fishback, Price, Sebastian Fleitas, Jonathan Rose, and Ken Snowden. "Collateral Damage: The Impact of Foreclosures on New Home Mortgage Lending in the 1930s." Journal of Economic History 80, no. 3 (July 16, 2020): 853–85. http://dx.doi.org/10.1017/s0022050720000352.

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The Great Depression of the 1930s involved a severe disruption in the supply of home mortgage credit. This paper empirically identifies a mechanism lying behind this credit crunch: the impairment of lenders’ balance sheets by illiquid foreclosed real estate. With data on hundreds of building and loans (B&Ls), the leading mortgage lenders in this period, we find that the overhang of foreclosed real estate explains about 30 percent of the drop in new lending between 1930 and 1935.

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44

Power, Jane. "Financing options for businesses in Ireland." Boolean: Snapshots of Doctoral Research at University College Cork, no. 2010 (January 1, 2010): 144–48. http://dx.doi.org/10.33178/boolean.2010.33.

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Starting a business is a complex process which requires multifaceted organisation and planning. Entrepreneurs begin with an idea which must immediately be tempered with the need to justify the creative concept, choose the business location, assess the competition and, most importantly, identify methods to finance it. This last task is the most crucial as, without capital, there will be no business. The majority of entrepreneurs face one fundamental problem; they rarely have the amount of capital required to see their ideas to fruition. Creating a business and executing a business plan requires finance. Given the global credit-crunch, it is pertinent that funding options available to entrepreneurs are investigated. An entrepreneur has numerous sources of finance to choose from. These range from funding provided by family or friends to various sources of debt and equity finance. This research aims to explore the financing of businesses in Ireland, to provide a more ...

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45

Morad, Munir. "Credit Crunch, Social Mobility and the Quest for Sustainable Communities: Revisiting the Possibility of Social Credit." Local Economy: The Journal of the Local Economy Policy Unit 24, no. 8 (December 2009): 687–93. http://dx.doi.org/10.1080/02690940903367942.

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46

Commain, Sébastien. "‘Don’t Crunch My Credit’: Member State Governments’ Preferences on Bank Capital Requirements." Politics and Governance 9, no. 2 (May 27, 2021): 196–207. http://dx.doi.org/10.17645/pag.v9i2.3884.

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Across Europe, banks remain, to this day, the main suppliers of finance to the European economy, but also a source of systemic risk. As such, regulating them requires that policymakers find an appropriate balance between restricting their risk-taking behaviour and increasing lending to support economic growth. However, the ‘varieties of financial capitalism’ that characterize national banking sectors in Europe mean that the adoption of harmonised capital requirements has different effects across countries, depending on the country-specific institutional setting through which banks provide lending to the national economy. This article conducts a new analysis of Member State governments’ positions in the post-financial crisis reform of the EU capital requirements legislation, expanding the scope of previous studies on the topic. Here, I examine in detail the positions of Member States on a wider set of issues and for a broader set of countries than the existing literature. Building on the varieties of financial capitalism approach, I explain these positions with regard to structural features of national banking sectors. I find that Member State governments’ positions reveal a general agreement with the proposed increase of bank capital requirements, while seeking targeted exemptions and preferential treatment that they deem necessary to preserve their domestic supply of retail credit.

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47

Wigan, Duncan. "Credit Risk Transfer and Crunches: Global Finance Victorious or Vanquished?" New Political Economy 15, no. 1 (March 2010): 109–25. http://dx.doi.org/10.1080/13563460903553673.

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48

Gibb, Kenneth, and Anthony O'sullivan. "Housing-led Regeneration and the Local Impacts of the Credit Crunch." Local Economy: The Journal of the Local Economy Policy Unit 25, no. 2 (March 2010): 94–107. http://dx.doi.org/10.1080/02690941003741085.

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49

Akinsola, Foluso Abioye, and Sylvanus Ikhide. "Is commercial bank lending in South Africa procyclical?" Journal of Financial Regulation and Compliance 26, no. 2 (May 14, 2018): 203–26. http://dx.doi.org/10.1108/jfrc-09-2016-0073.

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PurposeThis paper aims to examine the relationship between commercial bank lending and business cycle in South Africa. This paper attempts to know whether commercial bank lending in South Africa is procyclical.Design/methodology/approachThe model assumed that the lending behaviour is related to the business cycle. In this study, vector error correction model (VECM) is used to capture the relationship between bank lending and business cycle to accurately elicit the macroeconomic long-run relationship between business cycle and bank lending, as some banks might slow down bank lending due to some idiosyncratic factors that are not related to the downturn in the economy. This paper uses data from South African Reserve Bank for the period of 1990-2015 using VECM to understand the extent to which business cycle fluctuation can affect credit crunch in the financial system. The Johansen cointegration approach is used to ascertain whether there is indeed a long-run co-movement between credit growth and business cycle.FindingsResults from the VECM show that there are significant linkages among the variables, especially between credit to gross domestic product (GDP) and business cycle. The influence of business cycle is seen vividly after a period of four to five years, where business cycle explains 20 per cent of the variation in the credit to GDP. South African banks tend to change their lending behaviour during upturns and downturns. This result further confirms the assertion in theory that credit follows business cycle and can amplify credit crunch. The result shows that in the long run, fluctuations in the business cycle can influence the credit growth in South Africa.Research limitations/implicationsThe impulse analysis result shows that the impact of business cycle shock is very persistent and lasting. This also demonstrates that the shocks to the business cycle result have a persistent and long-lasting impact on credit. This study finds that commercial bank lending in South Africa is procyclical. It is suggested that the South African economy needs forward-looking policies that will mitigate the flow of credit to the real sector and at the same time ensure financial stability.Originality/valueMost research papers rarely distinguish between the demand side and supply side of credit procyclicality. This report is presented to develop an econometric model that will examine demand side procyclicality. This study adopts more realistic and novel methods that will help in explaining the relationship between bank lending and business cycle in South Africa, especially after the global financial crisis. This report is presented with a concise and detailed analysis and interpretation.

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Robins, Nick, and Cary Krosinsky. "After the credit crunch: the future of sustainable investing." Public Policy Research 15, no. 4 (December 2008): 192–97. http://dx.doi.org/10.1111/j.1744-540x.2008.00539.x.

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