شوک عرضه اعتباری و بحران مالی جهانی در سه اقتصاد باز کوچک
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|45934||2014||7 صفحه PDF||سفارش دهید||3929 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of Macroeconomics, Volume 40, June 2014, Pages 270–276
We investigate the impact of domestic and foreign credit supply shocks on a number of key macroeconomic variables for three small open economies: Australia, Canada and the UK. We find that negative domestic and foreign credit supply shocks together explain, on average, one-third to one-half of the fall in business credit and rise in spreads seen in the three countries during the financial crisis; other identified non-credit-supply shocks explain the rest. Credit supply shocks also explain around one-sixth of the fall in output in the three countries, and one-quarter of the fall initially seen in UK inflation. This suggests that credit supply shocks played an important role in the financial crisis, but not a dominant one.