Bank Credit, Asset Prices and Financial Stability [electronic resource] : Evidence From French Banks, Pouvelle, Cyril.
- Washington, D.C. : International Monetary Fund, 2012.
- IMF eLibrary
IMF Working Papers; Working Paper No. 12/103.
IMF Working Papers; Working Paper No. 12/103
- Government document
1 online resource (40 p.)
- Local subjects:
- Asset markets.
Bank balance sheet.
Bank balance sheets.
Banks balance sheet.
Banks balance sheets.
Government bond yield.
Other Depository Institutions.
Return on equity.
Stock market volatility.
Stock price index.
Transmission of monetary policy.
- This paper analyses the effect of asset prices on credit growth in France and tries to disentangle credit demand and supply factors, both for the whole 1993-2010 period and during periods of financial instability. Using bank-level panel data at a quarterly frequency, stock price growth is shown to have a significant effect on lending growth over the whole period, but without credit supply factors being singled out. By contrast, housing price growth has a significant effect during periods of financial instability only, even after controlling for credit demand effects. These results show that credit demand factors do play a large role but also provide evidence of tighter credit constraints on households in financial instability periods.
- Description based on print version record.
- Pouvelle, Cyril.
- Other format:
- Print Version:
- Publisher Number:
- Access Restriction:
- Restricted for use by site license.
|Location||Notes||Your Loan Policy|
|Description||Status||Barcode||Your Loan Policy|