메뉴 건너뛰기




Volumn 7, Issue 2, 2004, Pages 203-234

The determinants of bank credit in industrialized countries: Do property prices matter?

Author keywords

[No Author keywords available]

Indexed keywords

BANKING; CREDIT PROVISION; FINANCIAL MARKET; PRICE DYNAMICS; PRIVATE SECTOR;

EID: 11044221996     PISSN: 13670271     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.1367-0271.2004.00136.x     Document Type: Article
Times cited : (91)

References (65)
  • 1
    • 8644248517 scopus 로고    scopus 로고
    • 'Financial Reform: What Shapes it? What Shakes it?'
    • IMF Working Paper No. 70
    • Abiad, A., and A. Mody (2003), 'Financial Reform: What Shapes it? What Shakes it?', IMF Working Paper No. 70.
    • (2003)
    • Abiad, A.1    Mody, A.2
  • 2
    • 0003118448 scopus 로고
    • 'The "Life Cycle" Hypothesis of Saving: Aggregate Implications and Tests'
    • Ando, A., and F. Modigliani (1963), 'The "Life Cycle" Hypothesis of Saving: Aggregate Implications and Tests', American Economic Review 53, 55-84.
    • (1963) American Economic Review , vol.53 , pp. 55-84
    • Ando, A.1    Modigliani, F.2
  • 3
    • 0001162133 scopus 로고
    • 'Tests for Parameter Instability and Structural Change with Unknown Change Point'
    • Andrews, D. (1993), 'Tests for Parameter Instability and Structural Change with Unknown Change Point', Econometrica, 61, 821-56.
    • (1993) Econometrica , vol.61 , pp. 821-856
    • Andrews, D.1
  • 6
    • 84977364496 scopus 로고
    • 'Agency Costs, Collateral and Business Fluctuations'
    • Bernanke, B., and M. Gertler (1989), 'Agency Costs, Collateral and Business Fluctuations', American Economic Review, 79, 14-31.
    • (1989) American Economic Review , vol.79 , pp. 14-31
    • Bernanke, B.1    Gertler, M.2
  • 7
    • 0041107387 scopus 로고
    • 'Inside the Black Box: The Credit Channel of Monetary Policy Transmission'
    • NBER Working Paper No. 5146
    • Bernanke, B., and M. Gertler (1995), 'Inside the Black Box: The Credit Channel of Monetary Policy Transmission', NBER Working Paper No. 5146.
    • (1995)
    • Bernanke, B.1    Gertler, M.2
  • 9
    • 0013082333 scopus 로고    scopus 로고
    • 'The Financial Accelerator in a Quantitative Business Cycle Framework'
    • NBER Working Paper No. 6455
    • Bernanke, B., M. Gertler and S. Gilchrist (1998), 'The Financial Accelerator in a Quantitative Business Cycle Framework', NBER Working Paper No. 6455.
    • (1998)
    • Bernanke, B.1    Gertler, M.2    Gilchrist, S.3
  • 10
    • 11044222007 scopus 로고    scopus 로고
    • 'The Monetary and Regulatory Implications of Changes in the Banking Industry'
    • BIS BIS Conference Papers No.7
    • BIS (1999), 'The Monetary and Regulatory Implications of Changes in the Banking Industry', BIS Conference Papers No.7.
    • (1999)
  • 11
    • 11044239147 scopus 로고    scopus 로고
    • BIS Basel: BIS
    • BIS (2001a), 71st Annual Report. Basel: BIS.
    • (2001) 71st Annual Report
  • 12
    • 31044446790 scopus 로고    scopus 로고
    • 'The Financial Crisis in Japan During the 1990s: How the Bank of Japan Responded and the Lessons Learnt'
    • BIS BIS Papers No. 6
    • BIS (2001b), 'The Financial Crisis in Japan During the 1990s: How the Bank of Japan Responded and the Lessons Learnt', BIS Papers No. 6.
    • (2001)
  • 13
    • 0013466821 scopus 로고    scopus 로고
    • 'Stock Market Fluctuations and Consumption Behaviour: Some Recent Evidence'
    • OECD Economics Department Working Paper No. 208
    • Boone, L., C. Giorno and P. Richardson (1998), 'Stock Market Fluctuations and Consumption Behaviour: Some Recent Evidence', OECD Economics Department Working Paper No. 208.
    • (1998)
    • Boone, L.1    Giorno, C.2    Richardson, P.3
  • 14
    • 0036626469 scopus 로고    scopus 로고
    • 'Monetary Policy and Asset Prices: Does "Benign Neglect" Make Sense?'
    • Bordo, M., and O. Jeanne (2002), 'Monetary Policy and Asset Prices: Does "Benign Neglect" Make Sense?', International Finance, 5, 139-64.
    • (2002) International Finance , vol.5 , pp. 139-164
    • Bordo, M.1    Jeanne, O.2
  • 15
    • 0007214429 scopus 로고
    • 'The Structure of Credit to the Non-government Sector and the Transmission Mechanism of Monetary Policy: A Cross-country Comparison'
    • BIS Working Paper No. 24
    • Borio, C. (1995), 'The Structure of Credit to the Non-government Sector and the Transmission Mechanism of Monetary Policy: A Cross-country Comparison', BIS Working Paper No. 24.
    • (1995)
    • Borio, C.1
  • 16
    • 0003283117 scopus 로고    scopus 로고
    • 'Credit Characteristics and the Monetary Policy Transmission Mechanism in Fourteen Industrial Countries: Facts, Conjectures and some Econometric Evidence'
    • K. Alders, K. Koedijk, C. Kool and C. Winder (eds), Amsterdam: Kluwer Academic
    • Borio, C. (1996), 'Credit Characteristics and the Monetary Policy Transmission Mechanism in Fourteen Industrial Countries: Facts, Conjectures and some Econometric Evidence', in K. Alders, K. Koedijk, C. Kool and C. Winder (eds), Monetary Policy in a Converging Europe, Amsterdam: Kluwer Academic, 77-116.
    • (1996) Monetary Policy in a Converging Europe , pp. 77-116
    • Borio, C.1
  • 17
    • 0347534285 scopus 로고
    • 'The Response of Short-Term Bank Lending Rates to Policy Rates: A Cross-Country Perspective'
    • BIS Working Paper No. 27
    • Borio, C., and W. Fritz (1995), 'The Response of Short-Term Bank Lending Rates to Policy Rates: A Cross-Country Perspective', BIS Working Paper No. 27.
    • (1995)
    • Borio, C.1    Fritz, W.2
  • 18
    • 0038892096 scopus 로고
    • 'Exploring Aggregate Asset Price Fluctuations across Countries: Measurement, Determinants and Monetary Policy Implications'
    • BIS Working Paper No. 40
    • Borio, C., N. Kennedy and S. Prowse (1994), 'Exploring Aggregate Asset Price Fluctuations across Countries: Measurement, Determinants and Monetary Policy Implications', BIS Working Paper No. 40.
    • (1994)
    • Borio, C.1    Kennedy, N.2    Prowse, S.3
  • 19
    • 11044221119 scopus 로고    scopus 로고
    • 'Securing Sustainable Price Stability: Should Credit Come Back from the Wilderness?'
    • 11-12 December 2003, Frankfurt
    • Borio, C., and P. Lowe (2004), 'Securing Sustainable Price Stability: Should Credit Come Back from the Wilderness?', Paper presented at the ECB Workshop on 'Asset Prices and Monetary Policy', 11-12 December 2003, Frankfurt.
    • (2004) The ECB Workshop on 'Asset Prices and Monetary Policy'
    • Borio, C.1    Lowe, P.2
  • 21
    • 5644278708 scopus 로고    scopus 로고
    • 'Modelling the Demand for Loans to the Private Sector in the Euro Area'
    • ECB Working Paper No. 55
    • Calza, A., C. Gartner and J. Sousa (2001), 'Modelling the Demand for Loans to the Private Sector in the Euro Area', ECB Working Paper No. 55.
    • (2001)
    • Calza, A.1    Gartner, C.2    Sousa, J.3
  • 22
    • 0037477442 scopus 로고    scopus 로고
    • 'Comparing Wealth Effects: The Stock Market versus the Housing Market'
    • Cowles Foundation Discussion Paper No. 1335, Yale University
    • Case, K., J. Quigley and R. Shiller (2001), 'Comparing Wealth Effects: The Stock Market versus the Housing Market', Cowles Foundation Discussion Paper No. 1335, Yale University.
    • (2001)
    • Case, K.1    Quigley, J.2    Shiller, R.3
  • 23
    • 0008427610 scopus 로고    scopus 로고
    • 'Legal Structure, Financial Structure and the Monetary Policy Transmission Mechanism'
    • NBER Working Paper No. 7151
    • Cechetti, S. (1999), 'Legal Structure, Financial Structure and the Monetary Policy Transmission Mechanism', NBER Working Paper No. 7151.
    • (1999)
    • Cechetti, S.1
  • 24
    • 0007012949 scopus 로고    scopus 로고
    • 'Bank Net Worth, Asset Prices and Economic Activity'
    • Chen, N. -K. (2001), 'Bank Net Worth, Asset Prices and Economic Activity', Journal of Monetary Economics, 48, 415-36.
    • (2001) Journal of Monetary Economics , vol.48 , pp. 415-436
    • Chen, N.-K.1
  • 25
    • 11044229735 scopus 로고    scopus 로고
    • 'Bank Lending and Commercial Property Prices: Some Cross-Country Evidence'
    • BIS Working Paper No. 150
    • Davis, E. P., and H. Zhu (2004), 'Bank Lending and Commercial Property Prices: Some Cross-Country Evidence', BIS Working Paper No. 150.
    • (2004)
    • Davis, E.P.1    Zhu, H.2
  • 27
    • 0000472488 scopus 로고
    • 'Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root'
    • Dickey, D., and W. Fuller (1981), 'Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root', Econometrica, 60, 423-33.
    • (1981) Econometrica , vol.60 , pp. 423-433
    • Dickey, D.1    Fuller, W.2
  • 28
    • 0003993065 scopus 로고    scopus 로고
    • 'The Nordic Banking Crises. Pitfalls in Financial Liberalization?'
    • IMF Occasional Paper No. 161
    • Drees, B., and C. Pazarbasioglu (1998), 'The Nordic Banking Crises. Pitfalls in Financial Liberalization?', IMF Occasional Paper No. 161.
    • (1998)
    • Drees, B.1    Pazarbasioglu, C.2
  • 29
    • 0028805635 scopus 로고
    • 'The Demand for Commercial Bank Loans and Lending Rates'
    • Fase, M. (1995), 'The Demand for Commercial Bank Loans and Lending Rates', European Economic Review, 39, 99-111.
    • (1995) European Economic Review , vol.39 , pp. 99-111
    • Fase, M.1
  • 30
    • 0000107944 scopus 로고
    • 'The Debt-Deflation Theory of Great Depressions'
    • Fisher, I. (1933), 'The Debt-Deflation Theory of Great Depressions', Econometrica, 1, 337-57.
    • (1933) Econometrica , vol.1 , pp. 337-357
    • Fisher, I.1
  • 31
    • 0000421651 scopus 로고
    • 'Economic Activity and the Short-Term Credit Markets: An Analysis of Prices and Quantities'
    • Friedman, B., and K. Kuttner (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 , vol.2 , pp. 193-283
    • Friedman, B.1    Kuttner, K.2
  • 32
    • 34247192909 scopus 로고    scopus 로고
    • 'Bank Lending and Property Prices in Hong Kong'
    • HKIMR Working Paper No. 12
    • Gerlach, S., and W. Peng (2003), 'Bank Lending and Property Prices in Hong Kong', HKIMR Working Paper No. 12.
    • (2003)
    • Gerlach, S.1    Peng, W.2
  • 33
    • 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(Part 2), 559-88.
    • (1988) Journal of Money, Credit and Banking , vol.20 , Issue.PART 2 , pp. 559-588
    • Gertler, M.1
  • 34
    • 0346466397 scopus 로고
    • 'Price Stability and Financial Fragility'
    • K. Sawamoto, Z. Nakajima and H. Taguchi (eds), Basingstoke: MacMillan
    • Goodhart, C. (1995), 'Price Stability and Financial Fragility', in K. Sawamoto, Z. Nakajima and H. Taguchi (eds), Financial Stability in a Changing Environment, Basingstoke: MacMillan.
    • (1995) Financial Stability in a Changing Environment
    • Goodhart, C.1
  • 35
    • 2542637272 scopus 로고    scopus 로고
    • 'Do Asset Prices Help to Predict Consumer Price Inflation'
    • Goodhart, C., and B. Hofmann (2000a), 'Do Asset Prices Help to Predict Consumer Price Inflation', The Manchester School, 68(Supplement), 122-40.
    • (2000) The Manchester School , vol.68 , Issue.SUPPL. , pp. 122-140
    • Goodhart, C.1    Hofmann, B.2
  • 36
    • 11044221401 scopus 로고    scopus 로고
    • 'Financial Variables and the Conduct of Monetary Policy'
    • Sveriges Riksbank Working Paper No. 112
    • Goodhart, C., and B. Hofmann (2000b), 'Financial Variables and the Conduct of Monetary Policy', Sveriges Riksbank Working Paper No. 112.
    • (2000)
    • Goodhart, C.1    Hofmann, B.2
  • 37
    • 11044234771 scopus 로고    scopus 로고
    • 'Deflation, Credit, and Asset Prices'
    • forthcoming in P. Siklos and R. Burdekin, Cambridge: Cambridge University Press
    • Goodhart, C., and B. Hofmann (2003), 'Deflation, Credit, and Asset Prices', forthcoming in P. Siklos and R. Burdekin, The Anatomy of Deflation, Cambridge: Cambridge University Press.
    • (2003) The Anatomy of Deflation
    • Goodhart, C.1    Hofmann, B.2
  • 38
    • 0000273130 scopus 로고
    • 'Spurious Regressions in Econometrics'
    • Granger, C., and P. Newbold (1974), 'Spurious Regressions in Econometrics', Journal of Econometrics, 35, 143-59.
    • (1974) Journal of Econometrics , vol.35 , pp. 143-159
    • Granger, C.1    Newbold, P.2
  • 39
    • 0003410290 scopus 로고
    • Princeton: Princeton University Press
    • Hamilton, J. (1994), Time Series Analysis. Princeton: Princeton University Press.
    • (1994) Time Series Analysis
    • Hamilton, J.1
  • 40
    • 33746916229 scopus 로고    scopus 로고
    • 'Real Estate Market Development and Financial Sector Soundness'
    • IMF Working Paper No. 129
    • Hilbers, P., Q. Lei and L. Zacho (2001), 'Real Estate Market Development and Financial Sector Soundness', IMF Working Paper No. 129.
    • (2001)
    • Hilbers, P.1    Lei, Q.2    Zacho, L.3
  • 41
    • 4344606477 scopus 로고    scopus 로고
    • 'The Determinants of Private Sector Credit in Industrialized Countries: Do Property Prices Matter?'
    • BIS Working Paper No. 108
    • Hofmann, B. (2001), 'The Determinants of Private Sector Credit in Industrialized Countries: Do Property Prices Matter?', BIS Working Paper No. 108.
    • (2001)
    • Hofmann, B.1
  • 42
    • 11044231757 scopus 로고    scopus 로고
    • 'The Pass-Through of Money Market Rates to Loan Rates in the Euro-Area'
    • ZEI, University of Bonn mimeo
    • Hofmann, B. (2003), 'The Pass-Through of Money Market Rates to Loan Rates in the Euro-Area', ZEI, University of Bonn mimeo.
    • (2003)
    • Hofmann, B.1
  • 43
    • 84879329432 scopus 로고    scopus 로고
    • 'Base Rate Pass-Through in UK Banks' and Building Societies' Retail Rates'
    • Bank of England Working Paper No. 170
    • Hofmann, B., and P. Mizen (2002), 'Base Rate Pass-Through in UK Banks' and Building Societies' Retail Rates', Bank of England Working Paper No. 170.
    • (2002)
    • Hofmann, B.1    Mizen, P.2
  • 44
    • 0043018800 scopus 로고    scopus 로고
    • 'The Japanese Banking Crisis: Where Did it Come from and How Will it End?'
    • NBER Working Paper No. 7250
    • Hoshi, T., and A. Kashyap (1999), 'The Japanese Banking Crisis: Where Did it Come from and How Will it End?', NBER Working Paper No. 7250.
    • (1999)
    • Hoshi, T.1    Kashyap, A.2
  • 45
    • 0003676925 scopus 로고    scopus 로고
    • IMF Washington DC: IMF, May
    • IMF (2000), World Economic Outlook. Washington DC: IMF, May.
    • (2000) World Economic Outlook
  • 46
  • 47
    • 0000158117 scopus 로고
    • 'Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models'
    • Johansen, S. (1991), 'Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models', Econometrica, 59, 1551-81.
    • (1991) Econometrica , vol.59 , pp. 1551-1581
    • Johansen, S.1
  • 48
    • 0003488630 scopus 로고
    • Likelihood-Based Inference in Cointegrated Vector Autoregressive Models
    • Oxford: Oxford University Press
    • Johansen, S. (1995), Likelihood-Based Inference in Cointegrated Vector Autoregressive Models. Oxford: Oxford University Press.
    • (1995)
    • Johansen, S.1
  • 49
    • 0002647874 scopus 로고    scopus 로고
    • 'The Role of Banks in Monetary Policy: A Survey with Implications for the European Monetary Union'
    • September/October 2-18
    • Kashyap, A., and J. Stein (1997), 'The Role of Banks in Monetary Policy: A Survey with Implications for the European Monetary Union', Federal Reserve Bank of Chicago Economic Perspectives, September/October 2-18.
    • (1997) Federal Reserve Bank of Chicago Economic Perspectives
    • Kashyap, A.1    Stein, J.2
  • 50
    • 0002135003 scopus 로고
    • 'Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance'
    • Kashyap, A., J. Stein and D. Wilcox (1993), 'Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance', American Economic Review, 83, 8-98.
    • (1993) American Economic Review , vol.83 , pp. 8-98
    • Kashyap, A.1    Stein, J.2    Wilcox, D.3
  • 51
    • 0012128648 scopus 로고
    • 'Household Saving and Real House Prices: An International Perspective'
    • BIS Working Paper No. 20
    • Kennedy, N., and P. Andersen (1994), 'Household Saving and Real House Prices: An International Perspective', BIS Working Paper No. 20.
    • (1994)
    • Kennedy, N.1    Andersen, P.2
  • 52
    • 0013501568 scopus 로고
    • 'The Consequences for the Banks of the Collapse in Money Values'
    • London: Macmillan
    • Keynes, J. (1931), 'The Consequences for the Banks of the Collapse in Money Values', in Essays in Persuasion, London: Macmillan.
    • (1931) Essays in Persuasion
    • Keynes, J.1
  • 54
    • 10244275415 scopus 로고
    • 'Manias, Panics and Crashes: A History of Financial Crises'
    • C. Kindleberger and J. Laffarge (eds) Cambridge: Cambridge University Press
    • Kindleberger, C. (1978), 'Manias, Panics and Crashes: A History of Financial Crises', in C. Kindleberger and J. Laffarge (eds) Financial Crises: Theory, History and Policy, Cambridge: Cambridge University Press.
    • (1978) Financial Crises: Theory, History and Policy
    • Kindleberger, C.1
  • 59
    • 79957709847 scopus 로고
    • 'Financial Crisis, Financial Systems, and the Performance of the Economy'
    • I. Friend (ed.) Englewood Cliffs NJ: Prentice Hall
    • Minsky, H. (1964), 'Financial Crisis, Financial Systems, and the Performance of the Economy', in I. Friend (ed.) Commission on Money and Credit, Private Capital Markets, Englewood Cliffs NJ: Prentice Hall.
    • (1964) Commission on Money and Credit, Private Capital Markets
    • Minsky, H.1
  • 61
    • 0000631178 scopus 로고
    • 'A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics'
    • Osterwald-Lenum, M. (1992), 'A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics', Oxford Bulletin of Economics and Statistics, 54, 461-72.
    • (1992) Oxford Bulletin of Economics and Statistics , vol.54 , pp. 461-472
    • Osterwald-Lenum, M.1
  • 62
    • 0000997472 scopus 로고
    • 'Macroeconomics and Reality'
    • Sims, C. (1980), 'Macroeconomics and Reality', Econometrica, 48, 1-48.
    • (1980) Econometrica , vol.48 , pp. 1-48
    • Sims, C.1
  • 63
    • 11044233601 scopus 로고    scopus 로고
    • Going through the Roof
    • 28 March
    • The Economist (2002), Going through the Roof, 28 March.
    • (2002) The Economist
  • 64
    • 0002661755 scopus 로고
    • 'A General Equilibrium Approach to Monetary Theory'
    • Tobin, J. (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
    • Tobin, J.1
  • 65
    • 7244262334 scopus 로고    scopus 로고
    • 'Monetary Policy Orientation in Times of Low Inflation'
    • EMU Monitor Background Paper, ZEI, University of Bonn, December
    • von Hagen, J., and B. Hofmann (2003), 'Monetary Policy Orientation in Times of Low Inflation', EMU Monitor Background Paper, ZEI, University of Bonn, December.
    • (2003)
    • von Hagen, J.1    Hofmann, B.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.