LOW INTEREST RATES AND HIGH ASSET PRICES: AN INTERPRETATION IN TERMS OF CHANGING POPULAR MODELS doc

... fully in substance, as an acceptance of the Friedman formula, and willingness to accept the consequences of following it. Friedman left behind an important change in the popular model of the ... that instead of using long-term interest rates and growth rates, we use the present value of one-period interest rates and one-period growth rates of future...

Ngày tải lên: 17/03/2014, 08:20

... regressions including long-term interest rates. In Panel A, we analyze the impact of short- and long-term nominal interest rates on total lending standards. In Panel B we analyze why the lending standards ... activity and weak banking supervision standards. The softening of lending standards is over and above the improvement of borrowers’ creditworthiness, and the...

Ngày tải lên: 06/03/2014, 14:20

... ay 7 . In fact, the ob- served nom inal interest rate du ring the 196 0-70s can be characterized by an increasing in ation objective and a higher reaction to in a tion de viation s 8 . A n increasing ... higher than observ ed in- flation d uring the 1960s and 1970s, for any reasonable lag, and much lo wer than any subsequen t in flation value during the disinflation period and...

Ngày tải lên: 22/03/2014, 23:20

... impact on the softening of standards than long-term rates. Banking regulation and supervision standards Now we analyze whether the impact of low rates on the softening of standards is lower with ... percentage of banks in each country reporting an increase in the tightening of standards minus the percentage of banks reporting a softening of lending standards. 2...

Ngày tải lên: 29/03/2014, 13:20

... the receiving economies to the risk of rapid and large capital outflows and the reversal of exchange rate pressures in the event of a change in global macroeconomic, monetary and financial conditions ... the run-up to the financial crisis of 2007–09 and on Japanese experiences since the mid-1990s. Domestic side effects of low interest rates Previous episodes of...

Ngày tải lên: 17/02/2014, 03:20

... Lyrio 2006, “Macro Factors and the Term Structure of Interest Rates, ” Journal of Money, Credit, and Banking, Vol. 38, 119–140. 27 Macro-Finance Models of Interest Rates and the Economy Glenn D. ... research includes Ang, Bekaert, and Wei (2008), Chernov and Mueller (2008), H¨ordahl and Tristani (2008), D’Amico, Kim, and Wei (2008), Haubrich, Pennacchi, and Ritc...

Ngày tải lên: 17/02/2014, 03:20

Ngày tải lên: 06/03/2014, 02:21

... between the lending and funding interest rates, stood at 22.4% p.a. Graph 5 illustrates the evolution of the average bank spread since January 2001 (including fixed, floating and FX-linked interest ... floating real- denominated interest rates, and with FX-linked (effectively dollar- denominated) interest rates. Most credits to individuals, including personal credit, overdr...

Ngày tải lên: 06/03/2014, 02:21

... Portugal 65 BANK INTEREST RATES AND LOAN DETERMINANTS* Gabriela Castro** Carlos Santos** 1. INTRODUCTION The analysis of changes in bank interest rates and credit aggregates is of great signifi cance both in ... as factors deter- mining the evolution of interest rates and bank loans. 2. MODELLING BANK INTEREST RATES 2.1. Theoretical determinants The evolution o...

Ngày tải lên: 15/03/2014, 01:20

Ngày tải lên: 15/03/2014, 01:20