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Kaushal, Leena
- Bank Credit and Aggregate Demand: Evidence on Monetary Policy Transmission
Abstract Views :386 |
PDF Views:1
Authors
Leena Kaushal
1,
Neha Pathak
2
Affiliations
1 Assistant Professor, GD Goenka World Institute, Lancaster University
2 Lecturer, GD Goenka World Institute, Lancaster University
1 Assistant Professor, GD Goenka World Institute, Lancaster University
2 Lecturer, GD Goenka World Institute, Lancaster University
Source
International Journal of Business Ethics in Developing Economies, Vol 1, No 2 (2012), Pagination: 6-15Abstract
This paper attempts to capture the influence of policy rate changes on demand for bank credit by the firms in India. The study intent to see the impact of change in monetary policy variable i.e., policy rate on the bank lending and deposit rates and further investigates the impact of changes in the bank credit on the real economic variable GDP. The pace and trend of economic activity is reflected by macroeconomic variables such as IIP, CPI/WPI, Exports and Stock price index which are thought to be the proximate measure of firms demand for bank credit . The paper also focus on the channels of transmission of monetary policy and studies interest rate channel impact "money view" and credit channel "credit view" by focusing on the total bank credit demand by the firms.Keywords
Macroeconomic Variables, Monetary Policy
References
- Bernanke, B. S. & Blinder, A. S. (1988). Credit, Money and Aggregate Demand. American Economic Review, May, pp. 435 - 39.
- Bernanke, B. S. & Blinder, A. S. (1992). The Federal Funds Rate and the Channels of Monetary Transmission. American Economic Review, September, pp. 901 - 21.
- Bernanke, B. (1993). How Important is the Credit Channel in the Transmission of Monetary Policy. Carnegie Rochester Series on Public Policy, 39, pp. 47 - 52.
- Bernanke, B. & Gertler, M. (1995). Inside the Black Box: The Credit Channel of Monetary Policy Transmission. Journal of Economic Perspectives, 9, pp. 27 - 48.
- Morris, S. C. & Sellon, G. H. Jr. (1995). Bank Lending and Monetary Policy: Evidence on a Credit Channel. Economic Review, Federal Reserve Bank of Kansas City, Second Quarter.
- Oliner, S. & Rudebush, G. (1996). Is There a Broad Credit Channel for Monetary Policy? Federal Reserve Bank of San Francisco.
- Pathak, B. V. (2010). The Indian Financial System: Markets, Institutions and Services (3rd ed.). India: Pearson Education Ltd.
- Pandit, B. L., Mittal, A., Roy, M. & Ghosh, S. (2006). Transmission of Monetary Policy and Bank Lending Channel in India. Mumbai: Reserve Bank of India, Development Research Group Study.
- Reserve Bank of India. (2010). Handbook of Statistics on Indian Economy. Mumbai: Reserve Bank of India.
- Vera, L. V. (2002). The Demand for Bank Loans in Venezuela - A Multivariate Co integration Analysis. Investigacion Economica, 62(245).
- Global Recession-The Sub-Prime Crisis
Abstract Views :220 |
PDF Views:0
Authors
Source
Drishtikon: A Management Journal, Vol 1, No 1 (2009), Pagination: 103-122Abstract
The present paper is an attempt to examine the impact of Global recession on the Indian Economy as a whole. The subsequent subprime mortgage crisis in the United States has besieged complete world economy with the varying degree of recessional impact. The central element in the current financial turbulence that led to the recession is the housing bubble. International financial institutions of advanced economies suffered a major setback in terms of heavy losses and it was certain that the impact will be passed on to the various countries of the world. India, like most other emerging market economies is certainly impacted by the recent financial crisis but the impact is not as serious as borne by US or Europe. Thanks to Indian banks that are more or less secured from the ill effects of subprime mess because their exposure to complex instruments like CDO's is almost nil.Keywords
Global Recession, Housing Bubble, Lehman BrothersReferences
- Stijn Claessens and M. Ayhan Kose, “Back to Basics” Finance & Development March 2009.
- Dean Baker, “The Housing Bubble and the Financial Crisis”, real-world economic review, issue no. 46, 20 May 2008.Available at www.paecon.net/PAEReview/issue46/Baker46.pdf
- Bernanke, Ben (2009), “The Crisis and the Policy Response”, Stamp Lecture at London School of Economics, January 13. Available at http://www.federalreserve.gov/newsevents/speech/bernanke20090113a.htm
- Stijn Claessens, M. Ayhan Kose, and Marco E. Terrones, When Crises Collide, Finance & Development December 2008.
- Claessens, Stijn, M. Ayhan Kose, and Marco Terrones, 2008, “What Happens During Recessions, Crunches, and Busts?” IMF Working Paper 08/274.
- Speech by Dr Rakesh Mohan, Deputy Governor of the Reserve Bank of India, at the 7th Annual India Business Forum Conference, London Business School, London, 23 April 2009. Available at www.bis.org/review/r090506d.pdf
- Global Financial crisis and key risks- Impact on India and Asia. Available at www.bis.org/review/r081013d.pdf
- Global Financial crisis –Causes, impact, policy responses and lessons, available at www.bis.org/review/r090506d.pdf
- Noel Sacasa, Finance & Development December 2008. , Volume 45, Number 4.
- Baker, D. 2008, “The Run-up in Home Prices: Is It Real or Is It Another Bubble?”Center for Economic and Policy Research.
- Mohan, Rakesh (2006a), “Coping With Liquidity Management in India: A Practitioner's View”, Reserve Bank of India Bulletin, April. Available at rbidocs.rbi.org.in/rdocs/Speeches/PDFs/69613.pdf
- Yuliya Demyanyk, Otto Van Hemert, Understanding the Subprime Mortgage Crisis, December 5, 2008.
- The Crisis through the Lens of History, Finance & Development December 2008.
- Dodd, Randall, 2007, “Subprime: Tentacles of a Crisis,” Finance & Development, Vol. 44 (December).
- Bernanke, Ben, 1983, “Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression,” American Economic Review, Vol. 73 (June).
- IMF, 2008, Global Financial Stability Report (Washington), October.
- Edwards, Andrew, “S&P's Subprime Report Sees Pain, Hope Ahead,” The Wall Street Journal, March 14, 2008.
- R. Christopher Whalen, The Subprime Crisis -- Cause, Effect and Consequences, Networks Financial Institute, 2008-PB-04 March 2008.
- Turner Review (2009), “The Turner Review: A Regulatory Response to the Global Banking Crisis” by Lord Turner, Chairman, Financial Services Authority, UK.
- Treisa Martin, Caitlin Watt (2009), Subprime Crisis-A Comprehensive Analysis from a Systems Thinking Perspective, Kirwan Institute, The Ohio State University
- Global Recession-The Sub-Prime Crisis
Abstract Views :238 |
PDF Views:0
Authors
Source
Drishtikon: A Management Journal, Vol 1, No 2 (2010), Pagination: 103-122Abstract
The present paper is an attempt to examine the impact of Global recession on the Indian Economy as a whole. The subsequent subprime mortgage crisis in the United States has besieged complete world economy with the varying degree of recessional impact. The central element in the current financial turbulence that led to the recession is the housing bubble. International financial institutions of advanced economies suffered a major setback in terms of heavy losses and it was certain that the impact will be passed on to the various countries of the world. India, like most other emerging market economies is certainly impacted by the recent financial crisis but the impact is not as serious as borne by US or Europe. Thanks to Indian banks that are more or less secured from the ill effects of subprime mess because their exposure to complex instruments like CDO's is almost nil.Keywords
Global Recession, Housing Bubble, Lehman BrothersReferences
- Stijn Claessens and M. Ayhan Kose, “Back to Basics” Finance & Development March 2009.
- Dean Baker, “The Housing Bubble and the Financial Crisis”, real-world economic review, issue no. 46, 20 May 2008.Available at www.paecon.net/PAEReview/issue46/Baker46.pdf
- Bernanke, Ben (2009), “The Crisis and the Policy Response”, Stamp Lecture at London School of Economics, January 13. Available at http://www.federalreserve.gov/newsevents/speech/bernanke20090113a.htm
- Stijn Claessens, M. Ayhan Kose, and Marco E. Terrones, When Crises Collide, Finance & Development December 2008.
- Claessens, Stijn, M. Ayhan Kose, and Marco Terrones, 2008, “What Happens During Recessions, Crunches, and Busts?” IMF Working Paper 08/274.
- Speech by Dr Rakesh Mohan, Deputy Governor of the Reserve Bank of India, at the 7th Annual India Business Forum Conference, London Business School, London, 23 April 2009. Available at www.bis.org/review/r090506d.pdf
- Global Financial crisis and key risks- Impact on India and Asia. Available at www.bis.org/review/r081013d.pdf
- Global Financial crisis –Causes, impact, policy responses and lessons, available at www.bis.org/review/r090506d.pdf
- Noel Sacasa, Finance & Development December 2008. , Volume 45, Number 4.
- Baker, D. 2008, “The Run-up in Home Prices: Is It Real or Is It Another Bubble?”Center for Economic and Policy Research.
- Mohan, Rakesh (2006a), “Coping With Liquidity Management in India: A Practitioner's View”, Reserve Bank of India Bulletin, April. Available at rbidocs.rbi.org.in/rdocs/Speeches/PDFs/69613.pdf
- Yuliya Demyanyk, Otto Van Hemert, Understanding the Subprime Mortgage Crisis, December 5, 2008.
- The Crisis through the Lens of History, Finance & Development December 2008.
- Dodd, Randall, 2007, “Subprime: Tentacles of a Crisis,” Finance & Development, Vol. 44 (December).
- Bernanke, Ben, 1983, “Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression,” American Economic Review, Vol. 73 (June).
- IMF, 2008, Global Financial Stability Report (Washington), October.
- Edwards, Andrew, “S&P's Subprime Report Sees Pain, Hope Ahead,” The Wall Street Journal, March 14, 2008.
- R. Christopher Whalen, The Subprime Crisis -- Cause, Effect and Consequences, Networks Financial Institute, 2008-PB-04 March 2008.
- Turner Review (2009), “The Turner Review: A Regulatory Response to the Global Banking Crisis” by Lord Turner, Chairman, Financial Services Authority, UK.
- Treisa Martin, Caitlin Watt (2009), Subprime Crisis-A Comprehensive Analysis from a Systems Thinking Perspective, Kirwan Institute, The Ohio State University