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Growth-and-risk trade-off

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Personen und Körperschaften: Gadea, María Dolores (VerfasserIn), Laeven, Luc (VerfasserIn), Pérez-Quirós, Gabriel (VerfasserIn)
Titel: Growth-and-risk trade-off/ María Dolores Gadea Rivas, Luc Laeven, Gabriel Perez-Quiros
Format: E-Book
Sprache: Englisch
veröffentlicht:
Frankfurt am Main, Germany European Central Bank [2020]
Gesamtaufnahme: Europäische Zentralbank: Working paper series ; no 2397 (April 2020)
Quelle: Verbunddaten SWB
Lizenzfreie Online-Ressourcen
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author Gadea, María Dolores, Laeven, Luc, Pérez-Quirós, Gabriel
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contents We study the effects of credit over the business cycle, distinguishing between expansions and contractions. We find that there is a growth and risk trade-off in the pace of credit growth over the business cycle. While rapid credit growth tends to be followed by deeper recessions, we also find that credit growth has a positive impact on the duration of expansions. This poses a trade-off for the policymaker: Limiting the buildup of financial risk to avoid a deep recession can negatively affect the cumulation of economic growth during the expansion. We show that intermediate levels of credit growth maximize long-term growth while limiting volatility. Macroprudential policies should be used to manage this growth and risk trade-off, striking a balance between allowing expansions to last longer and avoiding deep recessions.
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spelling Gadea, María Dolores VerfasserIn (DE-588)170694739 (DE-627)060817674 (DE-576)131555162 aut, Growth-and-risk trade-off María Dolores Gadea Rivas, Luc Laeven, Gabriel Perez-Quiros, Frankfurt am Main, Germany European Central Bank [2020], 1 Online-Ressource (circa 55 Seiten) Illustrationen, Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Working paper series / European Central Bank no 2397 (April 2020), We study the effects of credit over the business cycle, distinguishing between expansions and contractions. We find that there is a growth and risk trade-off in the pace of credit growth over the business cycle. While rapid credit growth tends to be followed by deeper recessions, we also find that credit growth has a positive impact on the duration of expansions. This poses a trade-off for the policymaker: Limiting the buildup of financial risk to avoid a deep recession can negatively affect the cumulation of economic growth during the expansion. We show that intermediate levels of credit growth maximize long-term growth while limiting volatility. Macroprudential policies should be used to manage this growth and risk trade-off, striking a balance between allowing expansions to last longer and avoiding deep recessions., Laeven, Luc VerfasserIn (DE-588)128755245 (DE-627)37913098X (DE-576)297316192 aut, Pérez-Quirós, Gabriel 1966- VerfasserIn (DE-588)122276213 (DE-627)502214163 (DE-576)293190208 aut, Europäische Zentralbank Working paper series no 2397 (April 2020) 2397 (DE-627)372370322 (DE-576)108090442 (DE-600)2123559-4 1725-2806, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2397~1119106919.en.pdf Verlag kostenfrei, https://doi.org/10.2866/978428 Resolving-System kostenfrei, http://hdl.handle.net/10419/229011 Resolving-System kostenfrei, https://doi.org/10.2866/978428 LFER, https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2397~1119106919.en.pdf LFER, LFER 2020-05-05T16:33:59Z
spellingShingle Gadea, María Dolores, Laeven, Luc, Pérez-Quirós, Gabriel, Growth-and-risk trade-off, Europäische Zentralbank, Working paper series, no 2397 (April 2020), We study the effects of credit over the business cycle, distinguishing between expansions and contractions. We find that there is a growth and risk trade-off in the pace of credit growth over the business cycle. While rapid credit growth tends to be followed by deeper recessions, we also find that credit growth has a positive impact on the duration of expansions. This poses a trade-off for the policymaker: Limiting the buildup of financial risk to avoid a deep recession can negatively affect the cumulation of economic growth during the expansion. We show that intermediate levels of credit growth maximize long-term growth while limiting volatility. Macroprudential policies should be used to manage this growth and risk trade-off, striking a balance between allowing expansions to last longer and avoiding deep recessions.
title Growth-and-risk trade-off
title_auth Growth-and-risk trade-off
title_full Growth-and-risk trade-off María Dolores Gadea Rivas, Luc Laeven, Gabriel Perez-Quiros
title_fullStr Growth-and-risk trade-off María Dolores Gadea Rivas, Luc Laeven, Gabriel Perez-Quiros
title_full_unstemmed Growth-and-risk trade-off María Dolores Gadea Rivas, Luc Laeven, Gabriel Perez-Quiros
title_in_hierarchy no 2397 (April 2020). Growth-and-risk trade-off ([2020])
title_short Growth-and-risk trade-off
title_sort growth and risk trade off
url https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp2397~1119106919.en.pdf, https://doi.org/10.2866/978428, http://hdl.handle.net/10419/229011