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
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”
Wertorientierten Credit
Management, Tagung des Arbeitskreises Credit Management
des Verbandes der Chemischen Industrie, Golfhotel Köln
• 02.10.2014: Wertorientiertes Credit Management – Zielgrö- [...] ng,
Controlling, M&A
Credit Management (Prof. Dr. Thorsten Hock)
Ausrichtung
• Professionalisierung der Vergabe von Lieferantenkrediten
• Einbettung von Credit-Managern in die Unternehmensorgani- [...] Empirische Analysen zum Thema Credit Management
• Entwicklung risikoorientierter Kundenwertkonzepte
Aktivitäten
• Konzeption einer Homepage zum Thema „Wertorientiertes
Credit Management“
• Or
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
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
Rechnungslegung, Controlling, M&A
Credit Management (Prof. Dr. Thorsten Hock):
Ausrichtung:
• Professionalisierung der Vergabe von Lieferantenkrediten
• Einbettung von Credit-Managern in die Unternehmensorganisa- [...] Empirische Analysen zum Thema Credit Management
• Entwicklung risikoorientierter Kundenwertkonzepte
Aktivitäten:
• Teilnahme am Bundeskongress 2013 des Bundesverbandes für
Credit Management e. V. mit [...] Information Content of Money and Credit Developments for
US Activity“ bei der EZB am 11.09.2014
Prof. Dr. Horst Rottmann
• „A Micro Data Approach to the Identification of Credit Crun-
ches“, angenommen
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
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
2
Siehe z.B. die Ausgabe des Journal of Money, Credit and Banking vom Dezember 2008 und Gerberding et al.
(2005), Abschnitt 5.
page
3 [...] Paper No. 114, July.
Borio, C.L. & P. Lowe (2004), Securing Sustainable Price Stability: Should Credit
Come Back from the Wilderness, BIS Working Paper No. 157, July
Detken, C. & F. Smets (2004) [...] 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
model credit rather than money
(see, e.g., Adrian & Shin, 2011; Gertler & Kiyotaki, 2011).16
On the one hand, concentrating on credit omits money’s
role for funding banks’ granting of credit. On the [...] granting of credit to the money-holding sector.
Unfortunately, many theoretical models do not explicitly
distinguish between outside (or base) money and inside
money. Indeed, money and credit are linked [...] (inside) money might technically be linked
to credit via the balance sheet identity and despite the
fact that many modern macro models explicitly deal
with credit (see section 3) or investigate money’s role
attacker the input data ‘OTH-AW’ plus 94 bytes of
memory data which could contain IDs, passwords, credit
card numbers or personal data of other users [8].
2.2.2 Preventing the Heartbleed Attack
The [...] Research (Hrsg.): Outsourcing nach Indien: der Tiger auf dem Sprung, Frankfurt, 2005, Seite 3
[5] Credit Suisse Economic Research (Hrsg.): Schweizer Immobilienmarkt 2016 – Vertreibung aus dem Paradies,
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
unsere Untersuchung ist deshalb die
Definition von Bernanke und Lown (1991): „We define a
bank credit crunch as a significant leftward shift in the
supply curve for loans, holding constant both the [...]
Horst Rottmann & Timo Wollmershäuser (2013): A micro
data approach to the identification of credit crunches,
Applied Economics, 45:17, 2423-2441
http://www.ifo.de/portal/page/portal/DocBase_Content/ [...] tschaft
Der Kreditklemmenindikator
Literatur
Ben S. Bernanke und Cara S. Lown (1991), The Credit Crunch, in: Brookings Papers on Economic Activity,
Jg. 1991, Nr. 2, S. 205 – 247.
Deutsche
Yield
Conundrum
Dr. Harm Bandholza, Prof. Dr. Jörg Clostermannb,
Prof. Dr. Franz Seitzc
a UniCredit MIB, Global Research, 150 East 42nd Street,
New York, NY 10017, USA
b University of Applied Sciences [...] this article are those of the authors
and do not necessarily represent those of the Bayerische
UniCredit Global Research.
Notice
1 The first three variables are also the main determinants of nominal [...] Demiralp, S. and Jordà, O. (2004) The response of term rates to Fed announcements, Journal of Money, Credit, and
Banking, 36, 387–405.
Den Butter, F. A. G. and Jansen, P. W. (2004) An empirical analysis
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
banks’ granting
of credit. On the other hand, it neglects the fact that a credit economy would in any
case give rise to money as a medium of exchange (Thornton, 2000, 51ff.). Credit
promises are [...] granting of credit to the money-holding sector.
Unfortunately, many theoretical models do not explicitly distinguish between outside
(or base) money and inside money. Indeed, money and credit are linked [...] (inside) money might technically be linked to credit via the balance sheet
identity and despite the fact that many modern macro models explicitly deal with
credit (see section 3) or investigate money’s
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
the Chiang Mai Initiative of bilateral swaps
and credits fostered a re-orientation towards regional arrangements. As of spring 2007, IMF
credit outstanding to emerging market borrowers was less than [...] be used in the
financing of IMF transactions, holdings of SDRs and unused amounts, if any, under credit lines already
activated. The fcc is a measure of the resources available for new financial commitments [...] introduced and used facilities with no or
only negligible ex-post conditionality (e.g. the Flexible Credit Line).
52 Gros, Daniel; Mayer, Thomas, “How to deal,” op. cit.
page
14
program
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
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
𝑌(𝑡)
= 𝑎𝑛𝑓
𝑑0
(1+𝜋)𝑡
Therein 𝑑0 ≡ 𝐷0 𝑌0⁄ denotes the credit ratio at the beginning of the
credit period; D0 is the amount of the bank loan taken out, consisting
of the purchase [...] comes into consideration.
page
13
reasons: either because the credit institutions consider the credit risks
to be too high in the case the borrower's stress ratios have been
[...] lending segments, banks primarily justified the tightening by
what they perceived as an increase in credit risk."
II. Cash flow effects of interest rate shocks
What impact do higher nominal interest
mln euro
the investment institutions (excluding credit institutions) are debited with the amount, in case of
exceeding 13. mln euro the credit institutions are also debited.
In the [...] FSACT in 1986. Majority of member states have only one official compensation system
created by a credit institution or investment firm. Austria, Germany, Ireland, Spain and The
Netherlands have more
following Figure 8 shows the growth rates of (nominal) credit-to-GDP
ratio in the Euro area from 2000 to 2022. Credit is measured by total bank
credits to the non-financial sector (public and private-owned [...] 0
5
10
15
20
Growth rate of the Credit-to-GDP ratio
pe
rc
en
t
Credit-to-GDP ratio
Figure 8. Growth rates of the credit-to-GDP ratio in the Euro area. Source: own calculation [...] changes in the credit-to-GDP ratio. This policy rule seems to be more responsive than European
regulators are reacting to their target rate (deviations from the long-term growth rate of the
credit-to-GDP ratio)
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