Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 叶创基教授 (经济学系) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1006/jfin.2002.0336 |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/3WOS source URL
其它资讯
摘要Credit rationing is a common feature of most developing economies. In response to it, the governments of these countries often operate a number of programs intended to expand the supply of credit to the private sector, Expansionary monetary policy is often seen as a way of reducing the extent of credit rationing. We examine the consequences of a common policy tool in these economies: the use of expansionary monetary policy combined with direct central bank lending to inject credit. In the context of a small open economy we show that such a policy increases long-run production if and only if the economy is in a development trap. Moreover government credit programs often lead to endogenously arising aggregate volatility. Thus the case for government intervention in credit markets relies largely on the notion that output is artificially low because the economy is in a development trap, However, it is the case that the kind of policy we consider can be used to eliminate certain indeterminacies of equilibrium created by endogenous credit market frictions. (C) 2002 Elsevier Science (USA).
着者Espinosa-Vega MA, Smith BD, Yip CK
期刊名称Journal of Financial Intermediation
出版年份2002
月份7
日期1
卷号11
期次http://aims.cuhk.edu.hk/converis/portal/Publication/3
出版社ACADEMIC PRESS INC ELSEVIER SCIENCE
页次2http://aims.cuhk.edu.hk/converis/portal/Publication/32 - 268
国际标準期刊号1042-957http://aims.cuhk.edu.hk/converis/portal/Publication/3
语言英式英语
关键词credit programs; credit rationing; financial intermediaries; monetary policy
Web of Science 学科类别Business & Economics; Business, Finance; BUSINESS, FINANCE
