experiencing a credit crunch.
Following Udell (2009), “economists generally define a credit crunch as a
significant contraction in the supply of credit reflected in a tightening of credit
conditions [...] observed reductions in their bank credit volumes. However, since
their dependent variable was credit volume, the identification problem still re-
mained and credit supply shifts had to be identified [...]
climatesector -14.04 23.21 -70.6 53.6 56946
Notes: credit = 1, if the firms assess the banks’ credit supply policy as “restrictive”, credit =
0, if the firms indicate “normal” or “accommodating”
Corporate Culture
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24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
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n*, Alexander Koch#, Andreas Rees#, Franz Seitz+
November 2009
#) UniCredit *) University of Applied Sciences +) University of Applied Sciences
Economics & Commodity Research
Corporate Culture
von Lianke Song und Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
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Corporate Culture
von Lianke Song und Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions to
Culture
von Lianke Song und Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions
Corporate Culture
von Lianke Song und Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions to
Corporate Culture
von Lianke Song und Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions to
payment for different transactions, thus using cash in parallel to
other alternatives such as credit cards or mobile payments.
Moreover, most surveys around the world reveal that cash continues [...] Corporate Culture
von Lianke Song und Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
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nts, Journal
of Money, Credit, and Banking 36, 387-405.
Dewachter, H. & M. Lyrio (2006), Macro Factors and the Term Structure of Interest Rates,
Journal of Money, Credit, and Banking 38, 119-140
Corporate Culture
von Lianke Song und Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
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Corporate Culture
von Lianke Song und Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions to
Corporate Culture
von Lianke Song und Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions to
Culture
von Lianke Song und Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions
Corporate Culture
von Lianke Song und Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions to
Corporate Culture
von Lianke Song und Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions to
Macroeconomic
Determinants and the Effect of Monetary Policy on Debt Burdens, Journal of Money, Credit
and Banking. 49, 469-494.
Europäische Zentralbank (2007), Änderungen der Bankkreditzinsen [...] 292–324.
Lee, K. (2018), Fixed-Rate Mortgages, Labor Markets, and Efficiency, Journal of Money,
Credit and Banking 50, 1033-1072.
Mugerman, Y., M. Ofir & Z. Wiener (2016), How Homeowners Choose between [...] Between Fixed and Adjustable Rate Mortgage,
in: Agarwal, S. & B. W. Ambrose (Hg.), Household Credit Usage: Personal Debt and
Mortgages, Palgrave, 219-236.
page
24
Rampini, A.
Prescott (1997), “Postwar U.S. Business Cycles. An Empirical Investiga-
tion“. Journal of Money, Credit, and Banking, 29, 1-16.
Ilzetski, E., and C. Vegh (2008), “Procyclical Fiscal Policy in Developing [...] Corporate Culture
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non-profi t projects, for which they will be awarded the Certifi -
cate plus additional 5 ECTS Credit Points on completion of their
program.
The Certifi cate enables the students of OTH Amberg-Weiden
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von Timo Wollmershäuser und Horst Rottmann
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Corporate Culture
von Lianke Song und Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions to
Culture
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24 A Micro Data Approach to the Identification of Credit Crunches
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et
al. 2014).
page
account of its customer accordingly18 and makes a corresponding credit transfer in favor of
the e-money institution using its funds with the central bank. As is obvious [...] of the e-money institution. If so,
however, e-money payments in this case are very similar to credit transfers of commercial
18 E-money could, of course, also be created in exchange for cash at [...] purchases a good from nonbank
2, this time, however, the payment shall be conducted by instant credit transfer of regular
accounts at commercial banks – a possibility which is quite new to European
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Corporate Culture
von Lianke Song und Bernt Mayer
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