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Author: Mr. Francisco F. Vazquez
Publisher: International Monetary Fund
ISBN: 151358264X
Category : Business & Economics
Languages : en
Pages : 34
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Book Description
This paper studies episodes in which aggregate bank credit contracts alongside expanding economic activity—credit reversals. Using data for 179 countries during 1960‒2017, the paper finds that reversals are a relatively common phenomenon--on average, they occur every five years. By comparison, banking crises take place every eight years on average. Credit reversals and banking crises also appear related to each other: reversals become more likely in the aftermath of banking crises, while the likelihood of crises drops following reversals. In terms of foregone economic activity, reversals are shown to be very costly, at about two-thirds of the costs of banking crises after taking into account their relative frequencies.
Author: Mr. Francisco F. Vazquez
Publisher: International Monetary Fund
ISBN: 151358264X
Category : Business & Economics
Languages : en
Pages : 34
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Book Description
This paper studies episodes in which aggregate bank credit contracts alongside expanding economic activity—credit reversals. Using data for 179 countries during 1960‒2017, the paper finds that reversals are a relatively common phenomenon--on average, they occur every five years. By comparison, banking crises take place every eight years on average. Credit reversals and banking crises also appear related to each other: reversals become more likely in the aftermath of banking crises, while the likelihood of crises drops following reversals. In terms of foregone economic activity, reversals are shown to be very costly, at about two-thirds of the costs of banking crises after taking into account their relative frequencies.
Author: Mr.Nicolas E. Magud
Publisher: International Monetary Fund
ISBN: 1484353463
Category : Business & Economics
Languages : en
Pages : 30
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Book Description
We document the behavior of macro and credit variables during episodes of capital inflows reversals in economies with different degrees of exchange rate flexibility. We find that exchange rate flexibility is associated with milder credit growth during the boom but, even though smaller than in more rigid regimes, it cannot shield the economy from a credit reversal. Furthermore, we observe what we dub as a recovery puzzle: credit growth in economies with more flexible exchange rate regimes remains tepid well after the capital flow reversal takes place. This results stress the complementarity of macro-prudential policies with the exchange rate regime. More flexible regimes could help smoothing the credit cycle through capital surchages and dynamic provisioning that build buffers to counteract the credit recovery puzzle. In contrast, more rigid exchange rate regimes would benefit the most from measures to contain excessive credit growth during booms, such as reserve requirements, loan-to-income ratios, and debt-to-income and debt-service-to-income limits.
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher:
ISBN:
Category : Consumer credit
Languages : en
Pages : 718
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Author:
Publisher:
ISBN:
Category : Administrative law
Languages : en
Pages : 1308
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Book Description
The Code of Federal Regulations is the codification of the general and permanent rules published in the Federal Register by the executive departments and agencies of the Federal Government.
Author:
Publisher:
ISBN:
Category : Administrative law
Languages : en
Pages : 1018
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Author: United States. Assistant Secretary of Defense (Comptroller)
Publisher:
ISBN:
Category :
Languages : en
Pages : 580
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Author: United States. Farm Credit Administration
Publisher:
ISBN:
Category : Agricultural credit
Languages : en
Pages : 154
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Author: United States. Under Secretary of Defense (Comptroller)
Publisher:
ISBN:
Category :
Languages : en
Pages : 578
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Author: Sovereignty Education and Defense Ministry (SEDM)
Publisher: Sovereignty Education and Defense Ministry (SEDM)
ISBN:
Category : Law
Languages : en
Pages : 38
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Book Description
IRS Internal Revenue Manual (IRM) 30(55)0 (1996) Disclaimer: https://sedm.org/disclaimer.htm Pursuant to the Copyright Act, 17 U.S.C. 105, the government may not copyright any of its work products. For reasons why NONE of our materials may legally be censored and violate NO Google policies, see: https://sedm.org/why-our-materials-cannot-legally-be-censored/
Author: Sebastian Edwards
Publisher:
ISBN:
Category : Accounts current
Languages : en
Pages : 32
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Book Description
"In this paper I use a panel data set to investigate the mechanics of sudden stops of capital inflows and current account reversals. I am particularly interested in four questions: (a) What is the relationship between sudden stops and current account reversals? (b) To what extent does financial openness affect the probability of a country being subject to a current account reversal? In other words, do restrictions on capital mobility reduce the probability of such occurrences? (C) Does openness n both trade openness and financial openness n play a role in determining the effect of current account reversals on economic performance (i.e. GDP growth)? And, (d) does the exchange rate regime affect the intensity with which reversals affect real activity? The empirical analysis shows that sudden stops and current account reversals have been closely related. The econometric analysis suggests that restricting capital mobility does not reduce the probability of experiencing a reversal. Current account reversals, in turn, have had a negative effect on real growth that goes beyond their direct effect on investment. The regression analysis indicates that the negative effects of current account reversals on growth will depend on the country's degree of trade openness: More open countries will suffer less n in terms of lower growth relative to trend n than countries with a lower degree of trade openness. On the other hand, the degree of financial openness does not appear to be related to the intensity with which reversals affect real economic performance. The empirical analysis also suggests that countries with more flexible exchange rate regimes are able to accommodate better shocks stemming from a reversal than countries with more rigid exchange rate regimes"--NBER website
