کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
963797 1479156 2016 24 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Do capital flows change domestic credit allocation?
ترجمه فارسی عنوان
آیا جریان سرمایه تغییر تخصیص اعتبار داخلی می کند؟
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی


• Domestic bank credit shifted from non-financial business to households since 1990s.
• The shift was larger in countries with larger capital inflows to non-bank sector.
• Banks substituted declines in business lending with rising household lending.
• More domestic investment opportunities weakened this substitution.

Since the 1990s, domestic bank credit has been reallocated away from lending to non-financial business and toward households. An expanding literature discusses negative effects on growth and stability of this change in credit allocation. We research its drivers. We hypothesize that if foreign capital flows into economies with few investment opportunities, it may substitute for domestic bank lending to non-financial business, so that bank balance sheets become more dominated by household lending. In GMM estimations on data for 36 economies over 1990–2011, we find evidence consistent with this mechanism. Foreign capital inflows into the non-bank sector (but not into the bank sector) are associated with lower shares of business lending in domestic bank portfolios. The association is weaker in economies with more investment opportunities, whether proxied by investment shares, current account surpluses, or EMU membership. Our results highlight the importance of sectoral destination in determining the effects of capital flows.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 62, April 2016, Pages 98–121
نویسندگان
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