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What Drives Household Borrowing and Credit Constraints? Evidence from Bosnia and Herzegovina

What Drives Household Borrowing and Credit Constraints? Evidence from Bosnia and Herzegovina »

Source: What Drives Household Borrowing and Credit Constraints? Evidence from Bosnia and Herzegovina

Volume/Issue: 2008/202

Series: IMF Working Papers

Author(s): Ke Chen Chen , and Mali Chivakul

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2008

ISBN: 9781451870602

Keywords: household debt, credit constraints, probability, credit market, credit constraint, equation, Bosnia, Herzegovina,

Although Bosnia and Herzegovina (BiH) has experienced rapid growth in credit to households in recent years, most individuals are still credit constrained. This paper analyzes the determinants of household credit de...

The Short-Term Impact of Product Market Reforms

The Short-Term Impact of Product Market Reforms »

Source: The Short-Term Impact of Product Market Reforms : A cross-country firm-level analysis

Volume/Issue: 2016/116

Series: IMF Working Papers

Author(s): Peter Gal , and Alexander Hijzen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 June 2016

ISBN: 9781475516852

Keywords: structural reform, competition, credit constraints, firm entry, Orbis

This paper analyzes the effects of product market reforms in the short and medium term across 10 regulated industries and 18 advanced economies for the period 1998-2013 using internationally comparable firm-level d...

Resolving China's Corporate Debt Problem

Resolving China's Corporate Debt Problem »

Source: Resolving China's Corporate Debt Problem

Volume/Issue: 2016/203

Series: IMF Working Papers

Author(s): Wojciech Maliszewski , Serkan Arslanalp , John Caparusso , José Garrido , Si Guo , Joong Shik Kang , W. Raphael Lam , Daniel Law , Wei Liao , Nadia Rendak , Philippe Wingender , Jiangyan Yu , and Longmei Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 October 2016

ISBN: 9781475545289

Keywords: Corporate Debt Overhang; Credit; Restructuring; Hardening Budget Constraints

Corporate credit growth in China has been excessive in recent years. This credit boom is related to the large increase in investment after the Global Financial Crisis. Investment efficiency has fallen and the finan...

Costly Collateral and the Public Supply of Liquidity

Costly Collateral and the Public Supply of Liquidity »

Source: Costly Collateral and the Public Supply of Liquidity

Volume/Issue: 2000/125

Series: IMF Working Papers

Author(s): Philip Schellekens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2000

ISBN: 9781451854817

Keywords: Debt Finance, Collateral, Credit Constraints, Asset Price Volatility, entrepreneur, entrepreneurs

This paper addresses two complications arising from the use of collateral requirements in debt contracts between wealth-constrained entrepreneurs and banks. First, costly asset liquidation is found to enhance the s...

Credit Markets and Stagnation in an Endogenous Growth Model

Credit Markets and Stagnation in an Endogenous Growth Model »

Source: Credit Markets and Stagnation in an Endogenous Growth Model

Volume/Issue: 1993/72

Series: IMF Working Papers

Author(s): Jose De Gregorio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1993

ISBN: 9781451959086

Keywords: liquidity constraints, capital accumulation, credit markets, current consumption, increasing returns

This paper studies the effects that the inability of individuals to borrow against future income has on economic growth. The model assumes that human capital, which is accumulated through education, is the only fac...

Credit Constraints, Political Instability, and Capital Accumulation

Credit Constraints, Political Instability, and Capital Accumulation »

Source: Credit Constraints, Political Instability, and Capital Accumulation

Volume/Issue: 2013/246

Series: IMF Working Papers

Author(s): Risto Herrala , and Rima Turk Ariss

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 December 2013

ISBN: 9781484303085

Keywords: credit constraints, political unrest, MENA countries, equity capital, real interest rate, equity ratio, capital goods, General,

We investigate the complex interactions between credit constraints, political instability, and capital accumulation using a novel approach based on Kiyotaki and Moore's (1997) theoretical framework. Drawing on a un...

The Volatility Costs of Procyclical Lending Standards

The Volatility Costs of Procyclical Lending Standards »

Source: The Volatility Costs of Procyclical Lending Standards : An Assessment Using a Dsge Model

Volume/Issue: 2009/35

Series: IMF Working Papers

Author(s): Silvia Sgherri , and Bertrand Gruss

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2009

ISBN: 9781451871821

Keywords: Credit Cycles, Collateral Constraints, DSGE Models., standards, calibration, equation, correlation, regulation, Dsge Models,

The ongoing financial turmoil has triggered a lively debate on ways of containing systemic risk and lessening the likelihood of boom-and-bust episodes in credit markets. Particularly, it has been argued that bankin...

Precautionary Demand for Foreign Assets in Sudden Stop Economies

Precautionary Demand for Foreign Assets in Sudden Stop Economies »

Source: Precautionary Demand for Foreign Assets in Sudden Stop Economies : An Assessment of the New Merchantilism

Volume/Issue: 2007/146

Series: IMF Working Papers

Author(s): Enrique Mendoza , Ceyhun Bora Durdu , and Marco Terrones

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2007

ISBN: 9781451867107

Keywords: Fisherian Deflation, Liability Dollarization, Credit Constraints, foreign assets, financial globalization, foreign asset, net foreign assets,

Financial globalization was off to a rocky start in emerging economies hit by Sudden Stops in the 1990s. The surge in foreign reserves since then is viewed as a New Merchantilism in which reserves are a war-chest f...

Fiscal Policy Through Time-Varying Tax Rates

Fiscal Policy Through Time-Varying Tax Rates »

Source: Fiscal Policy Through Time-Varying Tax Rates : If and How

Volume/Issue: 2000/170

Series: IMF Working Papers

Author(s): Martin Kaufman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2000

ISBN: 9781451858419

Keywords: Counter-cyclical fiscal policy, credit constraint, hyperbolic discounting, tax rate, labor income

This paper investigates if there are circumstances where time-varying tax rates could improve welfare and whether such policy can effectively be implemented in practice. While, in principle, variable taxes could im...

State-Owned Banks and Fiscal Discipline

State-Owned Banks and Fiscal Discipline »

Source: State-Owned Banks and Fiscal Discipline

Volume/Issue: 2013/206

Series: IMF Working Papers

Author(s): Jesus Gonzalez-Garcia , and Francesco Grigoli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 October 2013

ISBN: 9781484392805

Keywords: Soft budget constraint, state-owned banks, fiscal discipline, crowding out, banking, banking system, bank, Governmental Loans and Credits, crowding out.,

State-owned banks may help to soften the financing constraints of public sector entities and consequently become a factor that hampers fiscal discipline. Using a panel dataset, we find that a larger presence of sta...