. . . . . . . . . . 43
Figure 21: Value of credit transfers per capita (in €) . . . . . . . . . . . . . . . . . . . . . . . . . 44
Figure 22: Credit transfers per capita in selected European countries [...] payment 405,486 57.9% 20,161 82.5%
Credit card 25,538 3.6% 333 1.5%
Debit and other cards 183,956 26.3% 3,112 12.7%
Direct debit 13,024 1.9% 140 0.6%
Credit transfer 62,199 8.9% 447 1.8%
Other [...] payment 317,137 53.1% 16,285 82.0%
Credit card 44,402 7.4% 364 1.8%
Debit and other cards 170,908 28.6% 2,735 13.8%
Direct debit 4,268 0.7% 58 0.3%
Credit transfer 49,181 8.2% 259 1.3%
Other
Bernanke, B. S., and M. Woodford (1997), ‘Inflation Forecasts and Monetary
Policy’, Journal of Money, Credit and Banking, 29, 653–84.
Brock, W., S. Durlauf and K. West (2003), ‘Policy Evaluation in
Uncertain [...] and I. Lonning (2006), ‘Simple Monetary Policymaking Without the
Output Gap’, Journal of Money, Credit and Banking, 38, 1619–40.
Lippi, F., and S. Neri (2007), ‘Information Variables for Monetary Policy [...] Growth Determines Inflation in the Long Run:
Answering the Woodford Critique’, Journal of Money, Credit and Banking, 40,
1791–814.
Nelson, E., and K. Nikolov (2001), ‘A Real-Time Output Gap Series
den Kreditvergabeaktivitäten des
Geschäftsbankensektors. "The relationship between money and credit is an endogenous one,
and affected by economic policy (including monetary policy)." (Stiglit [...] No. 114, July 2002.
Borio, C., Lowe, P. (2004), Securing Sustainable Price Stability: Should Credit Come Back
from the Wilderness, BIS Working Paper No. 157, July 2004.
Brand, C., Reimers, H [...] Konferenz der Deutschen Bundesbank und der Universität Bonn "What
Central Banks can Learn from Money and Credit Aggregates" am 27./28.10.2005 in
Eltville.
Kajanoja, L. (2003), Money as an Indicator Variable
Prof. Dr. Jörg Clostermann Dipl.-Vw. Nikolaus Keis
University of Applied Sciences Ingolstadt UniCredit Bank AG
Department of Economics Economics & Commodity Research
Esplanade 10 Arabellastr [...] paper represent the authors’ personal opinions and do not necessarily reflect the views
of UniCredit Bank AG.
NOTE: Working papers in the “Research On Money in the Economy” Discussion Paper Series
Goodfriend, M. (2000), Overcoming the Zero Bound on Interest Rate Policy, Journal of
Money, Credit and Banking 32, 1007-35.
Harper, J. W. (1948), Scrip and Other Forms of Local Money, Ph.D. d [...] Money-in-the-Utility-Function Model: The
Implications of Functional Forms, Journal of Money, Credit and Banking 30, 679-698.
Issing, O. (2014), Bargeld – Erfahrungen eines Geldpolitikers, Beitrag [...] R. H. (1987), Private Production of Scrip-Money in the Isolated Community,
Journal of Money, Credit and Banking, 19, 437-447.
Ulbricht, W. (1961),
https://www.bundesregierung.de/Content/DE
banks’ granting of credit. On the other hand, it neglects the fact that a
credit economy would in any case give rise to money as a medium of exchange
(Thornton, 2000, 51ff.). Credit promises are most [...] supply of credit to the money-holding
sector.4 Unfortunately, numerous theoretical models do not explicitly distinguish
between outside (or base) money and inside money. Indeed, money and credit are [...] though (inside) money might technically be linked to credit via the balance sheet
identity and despite many modern macro models explicitly deal with credit (see
section 3) or investigate money’s role
McCallum, B. T. (1985). On consequences and criticisms of monetary targeting. Journal of Money Credit and
Banking, 17, 570–597.
McCallum, B., & Nelson, E. (1999). Nominal income targeting in an o
zweiten Jahreshälfte 2008 ein und damit später als in den
Industrieländern. Auch die Credit Default Swaps und Credit Spreads einzelner Schwel-
page
338 Albrecht F. Michler und Franz Seitz
[...] ……….. 213
Kommentar: Hanno Beck ………………………………………………………... 242
Thorsten Polleit
Bank Credit and the Business Cycle ……………………………………………... 247
page
X
Gerhard Rösl und [...] eventueller Kreditausfälle wurden in den Verbriefungsstruk-
turen zusätzliche Absicherungselemente (Credit Enhancements) integriert, einzelne
Forderungsausfälle bewirkten folgerichtig noch kein Downgrading
granting of credit to the money-
holding sector. Unfortunately, many theoretical models
do not explicitly distinguish between outside (or base)
money and inside money. Indeed, money and credit
are [...] money might technically be
linked to credit via the balance sheet identity and
despite the fact that many modern macro models
explicitly deal with credit (see section 3) or investigate
money’s [...] existence of money (Thornton, 2000, 35).
Assets Liabilities
Credit to general government
Loans
Securities
Credit to private sector
Loans
Securities
Net claims on non-residents
601-650.
Alchian, A.A. & Klein, B. (1973), On a correct measure of inflation, Journal of Money, Credit
and Banking, 5, S. 173-191.
Blanchard, O., G. Dell’Ariccia & P. Mauro (2010), Rethinking Ma [...] Entwicklung (2016),
Jahresgutachten 2016/17: Zeit für Reformen.
Schularick, M. & Taylor, A. (2012), Credit Booms Gone Bust: Monetary Policy, Leverage
Cycles, and Financial Crises, 1870-2008, American Economic
Sys-
tem and the Federal Open Market Committee shall maintain long run growth of the
monetary and credit aggregates commensurate with the country’s long run potential to
increase production, so as to promote [...] .org, Mai 2002.
GREENSPAN, A. (1993): Testimony to the Sub-Committee on Economic Growth and Credit Forma-
tion of the Committee on Banking, Finance and Urban Affairs of the US House of Representa- [...] (2000): Interest Rates, Inflation, and Federal Reserve Policy since 1980, in: Journal
of Money, Credit and Banking 32, S. 417-434.
ISSING, O. / GASPAR, V. / ANGELONI, I. / TRISTANI, O. (2001): Monetary
Whither Loose Change? The Diminishing
Demand for Small-Denomination Currency, Journal of Money, Credit and Banking
41, S. 315 – 335.
Ardizzi, G. & P. Giucca (2012), The Social Costs of Payment I [...] Whitesell, William C. (1989), The Demand for Currency versus Debitable Accounts,
Journal of Money, Credit, and Banking, vol. 21, no. 2, 246 – 251.
page
Kosten und Nutzen
des Bargelds und unbarer
use of trade credit (Petersen and Rajan 1994, Harhoff and Körting 1998).
Trade credit is a method of financing provided by suppliers to their clients. One form of trade
credit is to forgo discounts [...] difficult task. Taking the refusal of a
credit application as an indicator for financing constraints is not practical, because firms that did
not apply for a credit would be excluded from the analysis. [...] not available. Firms that rely heavily on trade credit are
therefore said to face financing constraints.
One could argue that the use of trade credit is not a good indicator for the presence of financing
and stabilises the overnight money
market through its operational design. Within the framework of credit institutions' refinancing with the
Eurosystem, open-market transactions, especially the weekly main [...] that an expectation-induced
transmission process is becoming increasingly relevant and that the credit channel may need to be
reassessed.
Finally, Chapter Three is devoted to factors which could
rates
activity and inflation. In Section 3 we introduce rise because real rates rise due to tight credit.
the data used in the paper. Section 4 briefly The dynamics of the long-term rates, however,
discusses [...] short-term
for the European Central Bank. rates. A tightening of monetary policy reduces
available credit, and leads to a postponement of
investment and consumption; hence an ‘in-
verted’ yield curve is [...] influenced by the stance of monet-
ary policy, but also reflect a variety of other
conditions in the credit market. Given the low
liquidity of the market for bank bonds in
Germany until the mid-1990s the public
–
Work Incentives and Options for Reform, May 2005.
No. 6 Holzner, Chr., Search Frictions, Credit Constraints and Firm Financed General Training,
May 2005.
No. 5 Sülzle, K., Duopolistic C
–
Work Incentives and Options for Reform, May 2005.
No. 6 Holzner, Chr., Search Frictions, Credit Constraints and Firm Financed General Training,
May 2005.
No. 5 Sülzle, K., Duopolistic C
Transaktionsvolumen
und die Opportunitätskosten der Geldhaltung.
„The relationship between money and credit is an endogenous one, and affected by economic policy
(including monetary policy)“ (Stiglitz/Greenwald
Bank Independence and Macroeconomic
Performance: Some Comparative Evidence, Journal of Money, Credit and Banking,
Vol. 25, S. 151-162.
Apel, E. (2003): Central Banking Systems Compared, Routledge [...] Lucius, Stuttgart.
Greenspan, A. (1993): Testimony to the Sub-Committee on Economic Growth and Credit
Formation of the Committee on Banking, Finance and Urban Affairs of the US House
of Representatives
creation and maintenance of a culture
of long-termism on the German capital market, where long-term credit
relations account for a large proportion of the total.“ H. T i e t m e y -
e r : The Social Market
July 2002.
1) The sum of the number of accepting terminals for cards with a credit function is reported by the
individual credit card institutions. This may result in double counting.
14
ECB
Work ing [...] Money, Credit and Banking, 28(4), pp. 914-939.
Humphrey, D.B., Kim, M., Vale, B. (2001), Realizing the Gains from Electronic Payments:
Costs, Pricing, and Payment Choice, Journal of Money, Credit and Banking [...] payment instruments.
Table 3: Use of payment cards (total value in € of transactions with debit and credit cards per inhabitant)
In this context, it is worth mentioning that in some countries, there are
rationalised within the credit channel framework as
credit is the main balance sheet counterpart to money (Bernanke and Blinder (1988)). However, at times when
money and credit exhibit disparate movements [...] Forecasting and Analysis, Journal of
Forecasting, 14, pp. 1-23.
Bernanke, B.S., Blinder, A.S. (1988): Credit, Money and Aggregate Demand, American
Economic Review, 78(2), P & P, pp. 435–439.
Beyer, A., J [...] Reexamination of the Predictability of Economic Activity
Using the Yield Spread, Journal of Money, Credit and Banking, 34, pp. 340-360.
Handa, J. (2000): Monetary Economics, Routledge, London and New
availability. Within credit variables, we distinguish between three main groups: credit growth, credit
impulse, and credit standards. As regards the first group, in general all credit growth variables [...] Treasuries) 18
The credit variables we evaluate are the following:
Bank credit of commercial banks (total and break-adjusted)
Credit to private Depository Institutions
Credit to the private domestic [...] and
consumer loans excluding credit cards; willingness to lend to consumers)19
Credit impulse which is based on the change in the flow of credit of different credit aggregates
cover their end-of-day liquidity
needs at a rate of interest above the market rate. There are no credit limits or other
restrictions on counterparties� access to the facility (with the exception of the
between 2002 and 2008. The latter appears to be a rather exceptional period. It
coincided with the credit and investment boom in several large EMEs including the BRIC countries.
Since the second quarter [...] Bulletin 32, 1291-1301.
Bräuning, F. & V. Ivashina (2017), U.S. monetary policy and emerging market credit cycles, Federal
Reserve Bank of Boston Working Paper No. 17-9, August.
Bry, G. & C. Boschan [...] 403–417.
Levanon, G., J.C. Manini, A. Ozyildirim, B. Schaitkin & J. Tanchua (2011), Using a leading credit
index to predict turning points in the U.S. business cycle, The Conference Board Economics Program