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
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
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
Economics and Statistics 80,
549–560.
Goodhart, C., Hofmann, B., 2008. House prices, money, credit, and the macroecon-
omy. Oxford Review of Economic Policy 24, 180–205.
Jarocinski, M., Smets [...] Journal of Financial Economics, in press.
Mian, A., Sufi, A., 2018. Finance and Business Cycles: The Credit-Driven Household
Demand Channel. Journal of Economic Perspectives 32, 31–58.
9
page [...] 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
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
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
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
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
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
der Spread-Analyse, da sich
Veränderungen im Credit Spread un-
mittelbar auf ihre Finanzierungskonditio-
nen auswirken. Drittens lässt sich anhand
eines Credit-Spread-Modells ein Fair Va-
lue von Anleihen [...] Restlaufzeit einen signifikanten Einfluss
ausüben.
Determinanten von Credit
Spreads: Theorie
Für unsere Analyse sind Credit Spreads
definiert als die Renditedifferenz zwischen
einer Unternehmensanleihe [...] Horst Rottmann und Franz Seitz*
Credit Spreads und ihre Determinanten in Deutschland
Sowohl für Unternehmen als auch für externe Beobachter kann die Analyse von Credit Spreads,
d.h. der Differenz
July 2002.
1) The sum of the number of accepting terminals for cards with a credit function is reported by the
individual credit card institutions. This may result in double counting.
14
ECB
Work ing [...] Money, Credit and Banking, 28(4), pp. 914-939.
Humphrey, D.B., Kim, M., Vale, B. (2001), Realizing the Gains from Electronic Payments:
Costs, Pricing, and Payment Choice, Journal of Money, Credit and Banking [...] payment instruments.
Table 3: Use of payment cards (total value in € of transactions with debit and credit cards per inhabitant)
In this context, it is worth mentioning that in some countries, there are
601-650.
Alchian, A.A. & Klein, B. (1973), On a correct measure of inflation, Journal of Money, Credit
and Banking, 5, S. 173-191.
Blanchard, O., G. Dell’Ariccia & P. Mauro (2010), Rethinking Ma [...] Entwicklung (2016),
Jahresgutachten 2016/17: Zeit für Reformen.
Schularick, M. & Taylor, A. (2012), Credit Booms Gone Bust: Monetary Policy, Leverage
Cycles, and Financial Crises, 1870-2008, American Economic
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.
Demiralp, S. & O. Jordà (2004), The Response of Term Rates to Fed
Announcements, Journal of Money, Credit, and Banking 36, 387-405.
Diebold, F.X. & R. Mariano (1995), Comparing Predictive Accuracy,
stabilises the overnight money
market through its operational design. Within the framework of credit institutions' refinancing with the
Eurosystem, open-market transactions, especially the weekly [...] that an expectation-induced
transmission process is becoming increasingly relevant and that the credit channel may need to be
reassessed.
Finally, Chapter Three is devoted to factors which could
similar to a line of credit and require a country to observe specific terms in order to be eligible
to receive a disbursement or to maintain a flexible or precautionary line of credit, is available at http://www [...] (excluding cash in vaults of the Bank of Russia and credit institutions), funds held
by residents (individuals and organizations other than credit institutions) in settlement, current and deposit bank [...] special attention to the broad analysis of money and credit developments for the purposes of
financial stability and underscored the important role of credit and asset-price developments in
identifying financial
den Kreditvergabeaktivitäten des
Geschäftsbankensektors. "The relationship between money and credit is an endogenous one,
and affected by economic policy (including monetary policy)." (Stiglit [...] No. 114, July 2002.
Borio, C., Lowe, P. (2004), Securing Sustainable Price Stability: Should Credit Come Back
from the Wilderness, BIS Working Paper No. 157, July 2004.
Brand, C., Reimers, H [...] Konferenz der Deutschen Bundesbank und der Universität Bonn "What
Central Banks can Learn from Money and Credit Aggregates" am 27./28.10.2005 in
Eltville.
Kajanoja, L. (2003), Money as an Indicator Variable
cashed checks are highly correlated, i.e., they seem to contain similar information.
The value of credit card payments is also highly correlated with the number of cashed checks, and we decided
not to include [...] section indicate that with technological advances in payment systems cash tends to be replaced
by credit or debit card payments, especially in larger transactions. This would counteract
the potential [...]
Boeschoten, W. C. & Fase, M. M. (1992). The demand for large bank notes, Journal of Money,
Credit and Banking 24(3): 319–337.
Camposa, J., Ericsson, N. R. & Hendry, D. F. (1996). Cointegration