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
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
Apparent Instability in some Western European Economies and in the United States", Journal of Money, Credit, and Banking, Vol. 13, No.2, pp. 135-155.
Canzoneri, M., Diba, B., Giovannini, A. (1991). "Currency [...] Girton, L., Roper, D. (1981). "Theory and Implications of Currency Substitution", Journal of Money, Credit, and Banking, Vol. 13, No.1, pp. 12-30.
Gros, D., Thygesen, N. (1992), "European Monetary In [...] 461-463.
Thomas, L. R. (1985). "Portfolio Theory and Currency Substitution", Journal of Money, Credit and Banking, Vol. 17, No. 3, pp. 347-357.
Thomas, S. H., Wickens, M. R. (1991). "Currency Su
Michael(1989), The Determinants of the Money Multiplier in the United Kingdom,
Journal of Money, Credit, and Banking, Vol. 2 1, S. 464-480
Becker, William E. (1 975), Determinants of the United States [...] Boeschoten, Willem C., Fase, Martin M.G. (1992), The Demand for Large Bank Notes, Journal
of Money, Credit, and Banking, Vol. 24, S. 3 19-337
Bordo, Michael D., Jonung, Lars (1987), The Long-run Behavior [...] Economy, Vol. 66, S. 303-328
Calvo, Guillermo A., Kumar, Manmohan S. (1994), Money Demand, Bank Credit, and Eco-
nomic Performance in Former Socialist Economies, IMF Staff Papers, Vol. 41, S. 3 14-349
between 2002 and 2008. The latter appears to be a rather exceptional period. It
coincided with the credit and investment boom in several large EMEs including the BRIC countries.
Since the second quarter [...] Bulletin 32, 1291-1301.
Bräuning, F. & V. Ivashina (2017), U.S. monetary policy and emerging market credit cycles, Federal
Reserve Bank of Boston Working Paper No. 17-9, August.
Bry, G. & C. Boschan [...] 403–417.
Levanon, G., J.C. Manini, A. Ozyildirim, B. Schaitkin & J. Tanchua (2011), Using a leading credit
index to predict turning points in the U.S. business cycle, The Conference Board Economics Program
cover their end-of-day liquidity
needs at a rate of interest above the market rate. There are no credit limits or other
restrictions on counterparties� access to the facility (with the exception of the
availability. Within credit variables, we distinguish between three main groups: credit growth, credit
impulse, and credit standards. As regards the first group, in general all credit growth variables [...] Treasuries) 18
The credit variables we evaluate are the following:
Bank credit of commercial banks (total and break-adjusted)
Credit to private Depository Institutions
Credit to the private domestic [...] and
consumer loans excluding credit cards; willingness to lend to consumers)19
Credit impulse which is based on the change in the flow of credit of different credit aggregates
rationalised within the credit channel framework as
credit is the main balance sheet counterpart to money (Bernanke and Blinder (1988)). However, at times when
money and credit exhibit disparate movements [...] Forecasting and Analysis, Journal of
Forecasting, 14, pp. 1-23.
Bernanke, B.S., Blinder, A.S. (1988): Credit, Money and Aggregate Demand, American
Economic Review, 78(2), P & P, pp. 435–439.
Beyer, A., J [...] Reexamination of the Predictability of Economic Activity
Using the Yield Spread, Journal of Money, Credit and Banking, 34, pp. 340-360.
Handa, J. (2000): Monetary Economics, Routledge, London and New
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
creation and maintenance of a culture
of long-termism on the German capital market, where long-term credit
relations account for a large proportion of the total.“ H. T i e t m e y -
e r : The Social Market
(mandatory) demand for central bank money on the part of the credit
institutions. However, central bank money can only be created if the credit institutions
transact with the central bank. There are [...] (A.1 in Chart 1) or the credit institutions borrow money
from the central bank (A.2a in Chart 1) or the central bank buys securities (government
bonds) from the credit institutions (A.2b in Chart [...]
P.1: Banknotes in circulation
A.2a: Loans to credit institutions
A.2b: Securities
P.2: Liabilities against credit institutions
A.3: Other factors P.3: Other factors
Bank Independence and Macroeconomic
Performance: Some Comparative Evidence, Journal of Money, Credit and Banking,
Vol. 25, S. 151-162.
Apel, E. (2003): Central Banking Systems Compared, Routledge [...] Lucius, Stuttgart.
Greenspan, A. (1993): Testimony to the Sub-Committee on Economic Growth and Credit
Formation of the Committee on Banking, Finance and Urban Affairs of the US House
of Representatives
Transaktionsvolumen
und die Opportunitätskosten der Geldhaltung.
„The relationship between money and credit is an endogenous one, and affected by economic policy
(including monetary policy)“ (Stiglitz/Greenwald
–
Work Incentives and Options for Reform, May 2005.
No. 6 Holzner, Chr., Search Frictions, Credit Constraints and Firm Financed General Training,
May 2005.
No. 5 Sülzle, K., Duopolistic C
–
Work Incentives and Options for Reform, May 2005.
No. 6 Holzner, Chr., Search Frictions, Credit Constraints and Firm Financed General Training,
May 2005.
No. 5 Sülzle, K., Duopolistic C
rates
activity and inflation. In Section 3 we introduce rise because real rates rise due to tight credit.
the data used in the paper. Section 4 briefly The dynamics of the long-term rates, however,
discusses [...] short-term
for the European Central Bank. rates. A tightening of monetary policy reduces
available credit, and leads to a postponement of
investment and consumption; hence an ‘in-
verted’ yield curve is [...] influenced by the stance of monet-
ary policy, but also reflect a variety of other
conditions in the credit market. Given the low
liquidity of the market for bank bonds in
Germany until the mid-1990s the public
and 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 main [...] 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
use of trade credit (Petersen and Rajan 1994, Harhoff and Körting 1998).
Trade credit is a method of financing provided by suppliers to their clients. One form of trade
credit is to forgo discounts [...] difficult task. Taking the refusal of a
credit application as an indicator for financing constraints is not practical, because firms that did
not apply for a credit would be excluded from the analysis. [...] not available. Firms that rely heavily on trade credit are
therefore said to face financing constraints.
One could argue that the use of trade credit is not a good indicator for the presence of financing
pp. 11-48
Barnett, W.A. (1982), The Optimal Level of Monetary Aggregation, Journal of Money, Credit and Banking, pp. 687-710
Belongia, M.T. (1996), Measurement Matters: Recent Results from Monetary
Technischen Hochschule Am-
berg-Weiden nachzuweisen. 2Die Prüfungskommission legt bei fehlenden Credits zu Beginn des Studi-
ums die zusätzlich zu erbringenden Studien- und Prüfungsleistungen fest, die
Technischen Hochschule Am-
berg-Weiden nachzuweisen. 2Die Prüfungskommission legt bei fehlenden Credits zu Beginn des Studi-
ums die zusätzlich zu erbringenden Studien- und Prüfungsleistungen fest, die
Whither Loose Change? The Diminishing
Demand for Small-Denomination Currency, Journal of Money, Credit and Banking
41, S. 315 – 335.
Ardizzi, G. & P. Giucca (2012), The Social Costs of Payment I [...] Whitesell, William C. (1989), The Demand for Currency versus Debitable Accounts,
Journal of Money, Credit, and Banking, vol. 21, no. 2, 246 – 251.
page
Kosten und Nutzen
des Bargelds und unbarer
Sys-
tem and the Federal Open Market Committee shall maintain long run growth of the
monetary and credit aggregates commensurate with the country’s long run potential to
increase production, so as to promote [...] .org, Mai 2002.
GREENSPAN, A. (1993): Testimony to the Sub-Committee on Economic Growth and Credit Forma-
tion of the Committee on Banking, Finance and Urban Affairs of the US House of Representa- [...] (2000): Interest Rates, Inflation, and Federal Reserve Policy since 1980, in: Journal
of Money, Credit and Banking 32, S. 417-434.
ISSING, O. / GASPAR, V. / ANGELONI, I. / TRISTANI, O. (2001): Monetary
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
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 [...] 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 [...] existence of money (Thornton, 2000, 35).
Assets Liabilities
Credit to general government
Loans
Securities
Credit to private sector
Loans
Securities
Net claims on non-residents