Eintrag weiter verarbeiten
How repayments manipulate our perceptions about loan dynamics after a boom
Gespeichert in:
| Personen und Körperschaften: | , |
|---|---|
| Titel: | How repayments manipulate our perceptions about loan dynamics after a boom/ Ramón Adalid, Matteo Falagiarda |
| Format: | E-Book |
| Sprache: | Englisch |
| veröffentlicht: |
Frankfurt am Main, Germany
European Central Bank
[2018]
|
| Gesamtaufnahme: |
Europäische Zentralbank: Working paper series ; no 2211 (December 2018)
|
| Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| Zusammenfassung: | We propose a method to decompose net lending flows into loan origination and repayments. We show that a boom in loan origination is transmitted to repayments with a very long lag, depressing the growth rate of the stock for many periods. In the euro area, repayments of the mortgage loans granted in the boom preceding the financial crisis have been dragging down net loan growth in recent years. This concealed an increasing dynamism in loan origination, especially during the last wave of ECB’s non-standard measures. Using loan origination instead of net loans has important implications for understanding macroeconomic developments. For instance, the robust developments in loan origination in recent times explain the strengthening in housing markets better than net loans. Moreover, credit supply restrictions during the crisis are estimated to be smaller. Overall, there is a premium on using loan origination and repayments in economic models, especially after large booms. |
|---|---|
| Umfang: | 1 Online-Ressource (circa 57 Seiten); Illustrationen |
| ISBN: |
9789289933162
928993316X |
| DOI: | 10.2866/699533 |