메뉴 건너뛰기




Volumn 14, Issue 2, 2000, Pages 155-190

The credit view, old and new

(1)  Trautwein, Hans Michael a  

a NONE

Author keywords

Banks; Credit theories; Financial instability; Monetary policy transmission

Indexed keywords

BANKING; CREDIT PROVISION; MONETARY POLICY; THEORETICAL STUDY;

EID: 0034010066     PISSN: 09500804     EISSN: None     Source Type: Journal    
DOI: 10.1111/1467-6419.00108     Document Type: Article
Times cited : (25)

References (87)
  • 2
    • 0001114148 scopus 로고
    • Non-monetary effects of the financial crisis in the propagation of the great depression
    • Bernanke, B. (1983) Non-monetary effects of the financial crisis in the propagation of the Great Depression. American Economic Review, 73, 257-76.
    • (1983) American Economic Review , vol.73 , pp. 257-276
    • Bernanke, B.1
  • 5
    • 85016834058 scopus 로고
    • The federal funds rate and the channels of monetary transmission
    • _ (1992) The Federal funds rate and the channels of monetary transmission. American Economic Review, 82, 901-21.
    • (1992) American Economic Review , vol.82 , pp. 901-921
  • 6
    • 0002283560 scopus 로고
    • Banking and macroeconomic equilibrium
    • W. Barnett and K. Singleton (eds), Cambridge: Cambridge U. Press
    • Bernanke, B. and Gertler, M. (1987) Banking and macroeconomic equilibrium. In W. Barnett and K. Singleton (eds), New Applications to Monetary Economics (pp. 89-111). Cambridge: Cambridge U. Press.
    • (1987) New Applications to Monetary Economics , pp. 89-111
    • Bernanke, B.1    Gertler, M.2
  • 7
    • 84977364496 scopus 로고
    • Agency costs, net worth, and business fluctuations
    • _ (1989) Agency costs, net worth, and business fluctuations. American Economic Review, 79, 14-31.
    • (1989) American Economic Review , vol.79 , pp. 14-31
  • 8
    • 84963086963 scopus 로고
    • Financial fragility and economic performance
    • _ (1990) Financial fragility and economic performance. Quarterly Journal of Economics, 105, 87-114.
    • (1990) Quarterly Journal of Economics , vol.105 , pp. 87-114
  • 9
    • 0002516839 scopus 로고
    • Inside the black box: The credit channel of monetary policy transmission
    • _ (1995) Inside the black box: the credit channel of monetary policy transmission. Journal of Economic Perspectives, 9, 27-48.
    • (1995) Journal of Economic Perspectives , vol.9 , pp. 27-48
  • 11
    • 0000613028 scopus 로고    scopus 로고
    • The financial accelerator in a quantitative business cycle framework
    • NBER Working Paper No. 6455, J. B. Taylor and M. Woodford (eds) Amsterdam: North-Holland
    • Bernanke, B., Gertler, M. and Gilchrist, S. (1997) The financial accelerator in a quantitative business cycle framework. NBER Working Paper No. 6455, forthcoming in: J. B. Taylor and M. Woodford (eds) Handbook of Macroeconomics. Amsterdam: North-Holland.
    • (1997) Handbook of Macroeconomics
    • Bernanke, B.1    Gertler, M.2    Gilchrist, S.3
  • 12
    • 84936023192 scopus 로고
    • Credit rationing and effective supply failures
    • Blinder, A. (1987) Credit rationing and effective supply failures. Economic Journal, 97, 327-57.
    • (1987) Economic Journal , vol.97 , pp. 327-357
    • Blinder, A.1
  • 14
    • 0007985169 scopus 로고
    • Financial intermediation and the effectiveness of monetary controls
    • Brainard, W. and Tobin, J. (1963) Financial intermediation and the effectiveness of monetary controls. American Economic Review, 53, 383-400.
    • (1963) American Economic Review , vol.53 , pp. 383-400
    • Brainard, W.1    Tobin, J.2
  • 16
    • 0001867618 scopus 로고
    • Financial factors in the great depression
    • Calomiris, C. (1993) Financial factors in the Great Depression. Journal of Economic Perspectives, 7, 61-85.
    • (1993) Journal of Economic Perspectives , vol.7 , pp. 61-85
    • Calomiris, C.1
  • 17
    • 0002315069 scopus 로고
    • Firm heterogeneity, internal finance, and credit rationing
    • Calomiris, C. and Hubbard, G. (1990) Firm heterogeneity, internal finance, and credit rationing. Economic Journal, 100, 90-104.
    • (1990) Economic Journal , vol.100 , pp. 90-104
    • Calomiris, C.1    Hubbard, G.2
  • 18
    • 0002451697 scopus 로고
    • Distinguishing theories of the monetary transmission mechanism
    • Cecchetti, S. (1995) Distinguishing theories of the monetary transmission mechanism. Federal Reserve Bank of St Louis Review, 77(3), 83-97.
    • (1995) Federal Reserve Bank of St Louis Review , vol.77 , Issue.3 , pp. 83-97
    • Cecchetti, S.1
  • 21
    • 47749120440 scopus 로고
    • Financial intermediation and delegated monitoring
    • Diamond, D. (1984) Financial intermediation and delegated monitoring. Review of Economic Studies, 51, 393-414.
    • (1984) Review of Economic Studies , vol.51 , pp. 393-414
    • Diamond, D.1
  • 22
    • 46549102152 scopus 로고
    • What's different about banks?
    • Fama, E. (1985) What's different about Banks? Journal of Monetary Economics, 6, 29-39.
    • (1985) Journal of Monetary Economics , vol.6 , pp. 29-39
    • Fama, E.1
  • 24
    • 0000107944 scopus 로고
    • The debt-deflation theory of great depressions
    • _ (1933) The debt-deflation theory of great depressions. Econometrica, 1, 337-59.
    • (1933) Econometrica , vol.1 , pp. 337-359
  • 25
    • 0000421651 scopus 로고
    • Economic activity and the short-term credit markets: An analysis of prices and quantities
    • Friedman, B. and Kuttner, K. (1993) Economic activity and the short-term credit markets: an analysis of prices and quantities. Brookings Papers on Economic Activity (2), 193-283.
    • (1993) Brookings Papers on Economic Activity , Issue.2 , pp. 193-283
    • Friedman, B.1    Kuttner, K.2
  • 26
    • 0001290420 scopus 로고
    • Financial structure and aggregate economic activity: An overview
    • Gertler, M. (1988) Financial structure and aggregate economic activity: an overview. Journal of Money, Credit and Banking, 20, 559-88.
    • (1988) Journal of Money, Credit and Banking , vol.20 , pp. 559-588
    • Gertler, M.1
  • 27
    • 84963036490 scopus 로고
    • Financial capacity and output fluctuations in an economy with multi-period financial relationships
    • _ (1992) Financial capacity and output fluctuations in an economy with multi-period financial relationships. Review of Economic Studies, 59, 455-72.
    • (1992) Review of Economic Studies , vol.59 , pp. 455-472
  • 28
    • 0039926155 scopus 로고
    • The role of credit market imperfections in the monetary transmission mechanism: Arguments and evidence
    • Gertler, M. and Gilchrist, S. (1993) The role of credit market imperfections in the monetary transmission mechanism: arguments and evidence. Scandinavian Journal of Economics, 95, 43-64.
    • (1993) Scandinavian Journal of Economics , vol.95 , pp. 43-64
    • Gertler, M.1    Gilchrist, S.2
  • 29
    • 0001127480 scopus 로고
    • Keynesian, new Keynesian and new classical economics
    • Greenwald, B. and Stiglitz, J. (1987) Keynesian, new Keynesian and new classical economics. Oxford Economic Papers, 39, 119-32.
    • (1987) Oxford Economic Papers , vol.39 , pp. 119-132
    • Greenwald, B.1    Stiglitz, J.2
  • 30
    • 0038143768 scopus 로고
    • Money, imperfect information, and economic fluctuations
    • M. Kohn and S.-C. Tsiang (eds) Oxford: Clarendon Press
    • _ (1988) Money, imperfect information, and economic fluctuations. In M. Kohn and S.-C. Tsiang (eds) Finance Constraints, Expectations, and Macroeconomics (pp. 103-40). Oxford: Clarendon Press.
    • (1988) Finance Constraints, Expectations, and Macroeconomics , pp. 103-140
  • 31
    • 21144465223 scopus 로고
    • Financial market imperfections and business cycles
    • _ (1993) Financial market imperfections and business cycles. Quarterly Journal of Economics, 108, 77-114.
    • (1993) Quarterly Journal of Economics , vol.108 , pp. 77-114
  • 36
    • 0011375108 scopus 로고    scopus 로고
    • Wien: Julius Springer 1933
    • Hayek, F. A. (1929) Geldtheorie und Konjunkturtheorie. Wien: Julius Springer (translation: Monetary Theory and the Trade Cycle, 1933).
    • Monetary Theory and the Trade Cycle
  • 37
    • 0003675471 scopus 로고
    • 1935. London: Routledge & Kegan Paul
    • _ (1931) Prices and Production (2nd ed., 1935). London: Routledge & Kegan Paul.
    • (1931) Prices and Production 2nd Ed.
  • 38
    • 38249008802 scopus 로고
    • The credit view, financial announcements and interest rate responses
    • Hein, S. and Mercado-Mendez, J. (1992) The credit view, financial announcements and interest rate responses. Journal of Banking and Finance, 16, 743-56.
    • (1992) Journal of Banking and Finance , vol.16 , pp. 743-756
    • Hein, S.1    Mercado-Mendez, J.2
  • 39
    • 84993851433 scopus 로고
    • Post Keynesian monetary theory: Some issues
    • Hewitson, G. (1995) Post Keynesian monetary theory: some issues. Journal of Economic Surveys, 9, 285-310.
    • (1995) Journal of Economic Surveys , vol.9 , pp. 285-310
    • Hewitson, G.1
  • 40
    • 84934453134 scopus 로고
    • Interest rate control and nonconvergence to rational expectations
    • Howitt, P. (1992) Interest rate control and nonconvergence to rational expectations. Journal of Political Economy, 100, 776-800.
    • (1992) Journal of Political Economy , vol.100 , pp. 776-800
    • Howitt, P.1
  • 41
    • 0002106975 scopus 로고
    • Is there a 'credit channel' for monetary policy?
    • Hubbard, G. (1995) Is there a 'credit channel' for monetary policy? Federal Reserve Bank of St. Louis Review 77(3), 63-77.
    • (1995) Federal Reserve Bank of St. Louis Review , vol.77 , Issue.3 , pp. 63-77
    • Hubbard, G.1
  • 42
    • 0007935223 scopus 로고
    • Cumulative process models from Thornton and Wicksell
    • D. Moggridge (ed.) Aldershot: E. Elgar
    • Humphrey, T. (1990) Cumulative process models from Thornton and Wicksell. In D. Moggridge (ed.) Keynes, Macroeconomics and Method (pp. 40-52). Aldershot: E. Elgar.
    • (1990) Keynes, Macroeconomics and Method , pp. 40-52
    • Humphrey, T.1
  • 43
    • 77957074548 scopus 로고
    • Credit rationing
    • B. Friedman and F. Hahn (eds) Amsterdam: North-Holland
    • Jaffee, D. and Stiglitz, J. (1990) Credit rationing. In B. Friedman and F. Hahn (eds) Handbook of Monetary Economics, Vol. 2 (pp. 837-88). Amsterdam: North-Holland.
    • (1990) Handbook of Monetary Economics , vol.2 , pp. 837-888
    • Jaffee, D.1    Stiglitz, J.2
  • 44
    • 0000686874 scopus 로고
    • Monetary policy and bank lending
    • G. Mankiw (ed.) Chicago: University Press
    • Kashyap, A. and Stein, J. (1994) Monetary policy and bank lending. In G. Mankiw (ed.) Monetary Policy (pp. 221-61). Chicago: University Press.
    • (1994) Monetary Policy , pp. 221-261
    • Kashyap, A.1    Stein, J.2
  • 45
    • 0010949555 scopus 로고    scopus 로고
    • What do a million banks have to say about the transmission of monetary policy?
    • Kashyap, A. and Stein, J. (1997) What do a million banks have to say about the transmission of monetary policy? NBER Working Paper No. 6056.
    • (1997) NBER Working Paper , vol.6056
    • Kashyap, A.1    Stein, J.2
  • 46
    • 0002135003 scopus 로고
    • Monetary policy and credit conditions: Evidence from the composition of external finance
    • Kashyap, A., Stein, J. and Wilcox, D. (1993) Monetary policy and credit conditions: evidence from the composition of external finance. American Economic Review, 83, 78-98.
    • (1993) American Economic Review , vol.83 , pp. 78-98
    • Kashyap, A.1    Stein, J.2    Wilcox, D.3
  • 47
    • 0010857629 scopus 로고
    • A treatise on money
    • New York: Harcourt, Brace & Co.
    • Keynes, J. M. (1930) A treatise on money. Vol. I: The Pure Theory of Money. New York: Harcourt, Brace & Co.
    • (1930) The Pure Theory of Money , vol.1
    • Keynes, J.M.1
  • 49
    • 0000295411 scopus 로고
    • The ex-ante theory of the rate of interest
    • _ (1937) The ex-ante theory of the rate of interest. Economic Journal, 47, 663-69.
    • (1937) Economic Journal , vol.47 , pp. 663-669
  • 52
    • 0343255038 scopus 로고    scopus 로고
    • The Wicksell connection, the quantity theory and Keynes
    • E. Streissler (ed.) Berlin: Duncker & Humblot
    • _ (1998) The Wicksell connection, the quantity theory and Keynes. In E. Streissler (ed.) Knut Wicksell als Ökonom (pp. 15-34). Berlin: Duncker & Humblot.
    • (1998) Knut Wicksell als Ökonom , pp. 15-34
  • 54
    • 0343255040 scopus 로고
    • Lindahl, E. (1930) Penningpolitikens Medel. Lund: Gleerup (translation in Part II of Studies in the Theory of Money and Capital, 1939).
    • (1930) Penningpolitikens Medel
    • Lindahl, E.1
  • 55
    • 0343255039 scopus 로고    scopus 로고
    • Lund: Gleerup 1939
    • Lindahl, E. (1930) Penningpolitikens Medel. Lund: Gleerup (translation in Part II of Studies in the Theory of Money and Capital, 1939).
    • Studies in the Theory of Money and Capital , Issue.PART II
  • 57
    • 38249042285 scopus 로고
    • Some issues concerning interest rate pegging, price level determinacy and the real bills doctrine
    • McCallum, B. (1993) Some issues concerning interest rate pegging, price level determinacy and the real bills doctrine. Journal of Monetary Economics, 17, 135-60.
    • (1993) Journal of Monetary Economics , vol.17 , pp. 135-160
    • McCallum, B.1
  • 58
    • 0001829172 scopus 로고
    • Monetary, credit and (other) transmission processes: A monetarist perspective
    • Meltzer, A. (1995) Monetary, credit and (other) transmission processes: a monetarist perspective. Journal of Economic Perspectives, 9, 49-72.
    • (1995) Journal of Economic Perspectives , vol.9 , pp. 49-72
    • Meltzer, A.1
  • 59
    • 84983978183 scopus 로고
    • Fallibility, precautionary behaviour and the new Keynesian monetary theory
    • Messori, M. and Tamborini, R. (1995) Fallibility, precautionary behaviour and the new Keynesian monetary theory. Scottish Journal of Political Economy, 42, 443-64.
    • (1995) Scottish Journal of Political Economy , vol.42 , pp. 443-464
    • Messori, M.1    Tamborini, R.2
  • 61
    • 0039626997 scopus 로고
    • Om penningteoretisk jämvikt. En studie over den normala räntan i wicksells penninglära
    • Myrdal, G. (1931) Om penningteoretisk jämvikt. En Studie over den normala räntan i Wicksells penninglära. Ekonomisk tidskrift, 33, 191-302 (translation: Monetary Equilibrium, 1939).
    • (1931) Ekonomisk Tidskrift , vol.33 , pp. 191-302
    • Myrdal, G.1
  • 62
    • 0003982858 scopus 로고    scopus 로고
    • 1939
    • Myrdal, G. (1931) Om penningteoretisk jämvikt. En Studie over den normala räntan i Wicksells penninglära. Ekonomisk tidskrift, 33, 191-302 (translation: Monetary Equilibrium, 1939).
    • Monetary Equilibrium
  • 63
    • 0343255030 scopus 로고
    • What do we know about how monetary policy affects the economy?
    • Neumann, M. J. M. (1995) [Contribution to] What do we know about how monetary policy affects the economy?. Federal Reserve Bank of St. Louis Review, 77(3), 138-42.
    • (1995) Federal Reserve Bank of St. Louis Review , vol.77 , Issue.3 , pp. 138-142
    • Neumann, M.J.M.1
  • 64
    • 0003840639 scopus 로고
    • Some notes on the stockholm theory of savings and investment
    • part II: 221-40
    • Ohlin, B. (1937a) Some notes on the Stockholm theory of savings and investment. Economic Journal, 47, part I: 53-69, part II: 221-40.
    • (1937) Economic Journal , vol.47 , Issue.PART I , pp. 53-69
    • Ohlin, B.1
  • 65
    • 0041003081 scopus 로고
    • Alternative theories of the rate of interest
    • _ (1937b) Alternative theories of the rate of interest. Economic Journal, 47, 423-27.
    • (1937) Economic Journal , vol.47 , pp. 423-427
  • 66
    • 0342820344 scopus 로고
    • In search of the veil of money and the neutrality of money: A note on the origin of terms
    • Patinkin, D. and Steiger, O. (1989) In search of the Veil of Money and the Neutrality of Money: a note on the origin of terms. Scandinavian Journal of Economics, 91, 131-46.
    • (1989) Scandinavian Journal of Economics , vol.91 , pp. 131-146
    • Patinkin, D.1    Steiger, O.2
  • 68
    • 0041003081 scopus 로고
    • Alternative theories of the rate of interest
    • _ (1937) Alternative theories of the rate of interest. Economic Journal, 47, 428-36.
    • (1937) Economic Journal , vol.47 , pp. 428-436
  • 69
    • 0342385554 scopus 로고
    • Mr Keynes and the rate of interest
    • J. Hicks (ed.) London: Collins Fontana Library, 1966
    • _ (1942) Mr Keynes and the rate of interest. Reprinted in J. Hicks (ed.) Essays in Money and Interest (pp.150-187). London: Collins Fontana Library, 1966.
    • (1942) Essays in Money and Interest , pp. 150-187
  • 70
    • 0343690727 scopus 로고
    • Credit channel or credit actions? An interpretation of the postwar transmission mechanism
    • Kansas City: Federal Reserve Bank
    • Romer, C. and Romer, D. (1993) Credit channel or credit actions? An interpretation of the postwar transmission mechanism. In Changing Capital Markets: Implications for Monetary Policy (pp.56-132). Kansas City: Federal Reserve Bank.
    • (1993) Changing Capital Markets: Implications for Monetary Policy , pp. 56-132
    • Romer, C.1    Romer, D.2
  • 71
    • 0009087459 scopus 로고
    • What classical and neoclassical monetary theory really was
    • Samuelson, P. (1968) What classical and neoclassical monetary theory really was. Canadian Journal of Economics, 1, 1-15.
    • (1968) Canadian Journal of Economics , vol.1 , pp. 1-15
    • Samuelson, P.1
  • 72
    • 0001527610 scopus 로고
    • Rational expectations and the theory of economic policy
    • Sargent, T. and Wallace, N. (1975) Rational expectations and the theory of economic policy. Journal of Political Economy, 83, 241-54.
    • (1975) Journal of Political Economy , vol.83 , pp. 241-254
    • Sargent, T.1    Wallace, N.2
  • 75
    • 0000861678 scopus 로고
    • Capital markets and economic fluctuations in capitalist economies
    • Stiglitz, J. (1992) Capital markets and economic fluctuations in capitalist economies. European Economic Review, 36, 269-306.
    • (1992) European Economic Review , vol.36 , pp. 269-306
    • Stiglitz, J.1
  • 76
    • 0000342340 scopus 로고
    • Credit rationing in markets with imperfect information
    • Stiglitz, J. and Weiss, A. (1981) Credit rationing in markets with imperfect information. American Economic Review, 71, 393-410.
    • (1981) American Economic Review , vol.71 , pp. 393-410
    • Stiglitz, J.1    Weiss, A.2
  • 77
    • 0001522553 scopus 로고
    • Asymmetric information in credit markets and its implications for macro-economics
    • _ (1992) Asymmetric information in credit markets and its implications for macro-economics. Oxford Economic Papers, 44, 694-724.
    • (1992) Oxford Economic Papers , vol.44 , pp. 694-724
  • 79
    • 0038766434 scopus 로고
    • Financial innovation, deregulation and the 'credit view' of monetary policy
    • Thornton, D. (1994) Financial innovation, deregulation and the 'credit view' of monetary policy. Federal Reserve Bank of St. Louis Review, 76, 31-49.
    • (1994) Federal Reserve Bank of St. Louis Review , vol.76 , pp. 31-49
    • Thornton, D.1
  • 81
    • 0342385550 scopus 로고
    • Commercial banks as creators of 'money'
    • Cambridge, Ms.: Harvard U. Press, 1987
    • Tobin, J. (1963) Commercial banks as creators of 'money'. Reprinted in Essays in Economics 1: Macroeconomics (pp. 272-82). Cambridge, Ms.: Harvard U. Press, 1987.
    • (1963) Essays in Economics 1: Macroeconomics , pp. 272-282
    • Tobin, J.1
  • 82
    • 0002661755 scopus 로고
    • A general equilibrium approach to monetary theory
    • _ (1969) A general equilibrium approach to monetary theory. Journal of Money, Credit and Banking, 1, 15-29.
    • (1969) Journal of Money, Credit and Banking , vol.1 , pp. 15-29
  • 83
    • 1542533072 scopus 로고    scopus 로고
    • Money, equilibrium and the cycle. Hayek's Wicksellian dichotomy
    • Trautwein, H.-M. (1996) Money, equilibrium and the cycle. Hayek's Wicksellian dichotomy. History of Political Economy, 28, 27-55.
    • (1996) History of Political Economy , vol.28 , pp. 27-55
    • Trautwein, H.-M.1
  • 84
    • 0039785575 scopus 로고    scopus 로고
    • The uses of the pure credit economy
    • A. Cohen; H. Hagemann and J. Smithin, Boston: Kluwer
    • _ (1997) The uses of the pure credit economy. In A. Cohen; H. Hagemann and J. Smithin, Money, Financial Institutions and Macroeconomics (pp. 3-16). Boston: Kluwer.
    • (1997) Money, Financial Institutions and Macroeconomics , pp. 3-16
  • 85
    • 0003840039 scopus 로고
    • Keynes's demand for liquidity, Robertson's loanable funds theory, and Friedman's monetarism
    • Tsiang, S. C. (1980) Keynes's demand for liquidity, Robertson's loanable funds theory, and Friedman's monetarism. Quarterly Journal of Economics, 94, 467-91.
    • (1980) Quarterly Journal of Economics , vol.94 , pp. 467-491
    • Tsiang, S.C.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.