سال انتشار:
2021
عنوان انگلیسی مقاله:
Credit expansion, bank liberalization, and structural change in bank asset accounts
ترجمه فارسی عنوان مقاله:
گسترش اعتبار، آزاد سازی بانک، و تغییر ساختاری در حسابهای دارایی بانک
منبع:
ScienceDirect- Elsevier- Journal of Economic Dynamics and Control, 124 (2021) 104066: doi:10:1016/j:jedc:2021:104066
نویسنده:
Keqing Liu
چکیده انگلیسی:
This paper studies the links among credit supply expansion, commercial bank asset ac-
count structures, and the housing boom preceding the 20 07–20 09 financial crisis. We
propose a real business cycle model with a housing market and financial intermediaries
(banks) subject to leverage constraints. In our model, banks channel funds to firms for
production and provide collateralized loans to mortgage borrowers; thus, banks determine
their asset account structures endogenously. We show that a credit supply expansion to
banks can account for four key facts that characterize the housing boom: (1) an increase
in real house prices; (2) an increase in the mortgage-to-GDP ratio; (3) a decrease in the
real mortgage interest rate; and (4) an increase in the ratio of mortgages to firm loans in
commercial bank asset accounts. In our model, a credit supply expansion to banks can also
generate a boom-bust cycle through the collateral value channel via mortgage borrowers.
Asset-side bank regulations that reduce excessive mortgage issuance during a credit boom
can help to dampen the subsequent economic downturn.
keywords: گسترش اعتبار | لیبرال سازی بانک | ورق بانکی | چرخه کسب و کار | Credit expansion | Bank liberalization | Bank balance sheet | Business cycle
قیمت: رایگان
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