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Working Paper
Assessing the Historical Role of Credit: Business Cycles, Financial Crises, and the Legacy of Charles S. Peirce
Jordà, Òscar (2013-07-01)
This paper provides a historical overview on financial crises and their origins. The objective is to discuss a few of the modern statistical methods that can be used to evaluate predictors of these rare events. The problem involves prediction of binary events and therefore fits modern statistical learning, signal processing theory, and classification methods. The discussion also emphasizes the need to supplement statistics and computational techniques with economics. A forecast?s success in this environment hinges on the economic consequences of the actions taken as a result of the forecast, ...
Working Paper Series , Paper 2013-19

Journal Article
Not a blown fuse
Wojnilower, Albert M. (1993-04)
Quarterly Review , Volume 18 , Issue Spr , Pages 46-49

Working Paper
Asset pooling, credit rationing, and growth
Lehnert, Andreas (1998)
I study the effect of improved financial intermediation on the process of capital accumulation by augmenting a standard model with a general contract space. With the extra contracts, intermediaries endogenously begin using ROSCAs, or Rotating Savings and Credit Associations. These contracts allow poor agents, previously credit rationed, access to credit. As a result, agents work harder and total economy-wide output increases; however, these gains come at the cost of increased inequality. I provide sufficient conditions for the allocations to be Pareto optimal, and for there to be a unique ...
Finance and Economics Discussion Series , Paper 1998-52

Journal Article
Money and bank credit
anonymous (1963-02)
Federal Reserve Bulletin , Issue Feb

Journal Article
How will a credit crunch affect small business finance?
Udell, Gregory F. (2009)
This Economic Letter explores how the credit crunch might affect small business access to finance. While it is not possible to know how severe this credit crunch will become, researchers can explore how the crunch could affect small business finance. We begin our analysis by looking at how small businesses access external sources of finance. Then we consider how these sources might be affected by the crunch.
FRBSF Economic Letter

Journal Article
Bank credit and money
anonymous (1956-07)
Federal Reserve Bulletin , Issue Jul

Working Paper
The role of credit in post-stabilization consumption booms
Copelman, Martina (1996)
This paper presents an empirical investigation of the role of credit in the post-stabilization consumption booms of Mexico, Chile, and Israel. Credit from the banking sector to the private sector expanded very rapidly following the stabilizations. I show that this increase in credit reduced the proportion of consumers that were liquidity constrained in the economy. This reduction in liquidity constraints could have helped to fuel the observed consumption booms. In addition, I show that the most important channels for the expansion in credit to consumers in Mexico are the rapid remonetization ...
International Finance Discussion Papers , Paper 569

Journal Article
The Global Pandemic and Run on Shadow Banks
Sengupta, Rajdeep (2020-05-11)
In March, the global coronavirus pandemic led to a period of financial stress in which credit conditions tightened at an unprecedented pace. Elements of this stress period can be explained as a classic run on “shadow banks”—nonbank financial institutions that fund long-term assets with short-term debt. Although timely Federal Reserve interventions restored some calm to markets, shadow banks remain vulnerable to future runs because they lack the safeguards available to regulated depository institutions.
Economic Bulletin , Issue May 11, 2020 , Pages 5

Journal Article
Debt retirement and bank credit
anonymous (1947-07)
Federal Reserve Bulletin , Issue Jul , Pages 775-787

Working Paper
Capital, finance, and trade collapse
Wen, Yi; Jiao, Yang (2012)
This paper proposes a model of international trade with capital accumulation and financial intermediation. This is achieved by embedding the Melitz (2003) model into an incomplete-markets neoclassical framework with an endogenous credit market. The model preserves the analytical tractability of the original Melitz model despite non-trivial distribution of firms? net worth and capital stocks. We use the model to examine the differential effects of financial and non-financial shocks on aggregate output and international trade flows. The model predicts that trade volume declines far more sharply ...
Working Papers , Paper 2012-003

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