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
orte/Functions/glossar.html?lv2=21142&lv3=62
696, abgerufen am 23.09.14
10
Standard & Poors, Credit RatingsDefinitions &FAQs, http://www.standardandpoors.com/ratings/definitions-and-
faqs/en/us, abgerufen [...] der Währungsunion, 1993, Walter de Gruyter Verlag, Berlin,
New York
28. Standard & Poors, Credit RatingsDefinitions &FAQs,
http://www.standardandpoors.com/ratings/definitions-and-faqs/en/us [...] 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
government securities - and only a few of these funds are investing in equity and
taking on more credit risk (IWG 2008a, p. 15). The other group uses different asset classes
whereby the share of the
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Credit Spreads und ihre Determinanten in Deutschland
page
FACHHOCHSCHULE
A WMBERG - EIDEN
n*, Alexander Koch#, Andreas Rees#, Franz Seitz+
November 2009
#) UniCredit *) University of Applied Sciences +) University of Applied Sciences
Economics & Commodity Research
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”
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”
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
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
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
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
n*, Alexander Koch#, Andreas Rees#, Franz Seitz+
November 2009
#) UniCredit *) University of Applied Sciences +) University of Applied Sciences
Economics & Commodity Research
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
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
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