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The Credit View, Old and New

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  • Trautwein, Hans-Michael

Abstract

Recent writings in the so-called "credit view" focus on binding finance constraints of macroeconomic activity which arise from the incomplete substitutability of bank credit and from changes in borrowers' net worth. They criticize the standard approaches in the "money view" for not taking full account of the observable effects of monetary restrictions on real activity. In this paper, the "new credit view" is contrasted with older macroeconomic theories that placed special emphasis on the banks' systemic potential to expand credit beyond planned saving. The comparative discussion of the underlying arguments about bank behaviour, about the non-neutrality of credit money, and about the transmission of monetary policy impulses reveals some shortcomings in the new view. History helps, moreover, to set the conventional confrontations of the "credit view" and the "money view" in perspective. Copyright 2000 by Blackwell Publishers Ltd

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Journal of Economic Surveys.

Volume (Year): 14 (2000)
Issue (Month): 2 (April)
Pages: 155-89

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Handle: RePEc:bla:jecsur:v:14:y:2000:i:2:p:155-89

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Cited by:
  1. Roberto Tamborini & Riccardo Fiorentini, 2001. "The monetary transmission mechanism in Italy: the credit channel and a missing ring," Department of Economics Working Papers 0101, Department of Economics, University of Trento, Italia.
  2. Houssa Romain & Jolan Mohimont & Chris Otrok, 2013. "Credit Shocks and Macroeconomic Fluctuations in Emerging Markets," CESifo Working Paper Series 4281, CESifo Group Munich.
  3. Iris Claus & Arthur Grimes, 2003. "Asymmetric Information, Financial Intermediation and the Monetary Transmission Mechanism: A Critical Review," Treasury Working Paper Series 03/19, New Zealand Treasury.
  4. Claudio E. V. Borio & Philip Lowe, 2004. "Securing sustainable price stability: should credit come back from the wilderness?," BIS Working Papers 157, Bank for International Settlements.
  5. Matteo Iacoviello, 2002. "House prices, borrowing constraints and monetary policy in the business cycle," Boston College Working Papers in Economics 542, Boston College Department of Economics, revised 06 Dec 2004.
  6. I. Arnold & C.J.M. Kool & K. Raabe, 2011. "Industry Effects of Bank Lending in Germany," Working Papers 11-21, Utrecht School of Economics.
  7. Arnold, Ivo J. M. & Kool, Clemens J. M. & Raabe, Katharina, 2006. "Industries and the bank lending effects of bank credit demand and monetary policy in Germany," Discussion Paper Series 1: Economic Studies 2006,48, Deutsche Bundesbank, Research Centre.
  8. Giuliana Passamani & Roberto Tamborini, 2006. "Monetary policy through the “credit-cost channel”. Italy and Germany," Department of Economics Working Papers 0609, Department of Economics, University of Trento, Italia.
  9. Topi, Jukka & Vilmunen, Jouko, 2001. "Transmission of monetary policy shocks in Finland: evidence from bank level data on loans," Working Paper Series 0100, European Central Bank.
  10. Paolo Chiades & Leonardo Gambacorta, 2004. "The Bernanke and Blinder Model in an Open Economy: The Italian Case," German Economic Review, Verein für Socialpolitik, vol. 5(1), pages 1-34, 02.
  11. K. Raabe & I. Arnold & C.J.M. Kool, 2006. "Firm size and monetary policy transmission : a theoretical model on the role of capital investment expenditures," Working Papers 06-14, Utrecht School of Economics.
  12. Ramos-Tallada, Julio, 2009. "Microfondements du canal étroit du crédit bancaire : le motif de précaution. Modèle de comportement d’une banque confrontée à un risque de liquidité et à une offre de financement externe imp," Economics Papers from University Paris Dauphine 123456789/3327, Paris Dauphine University.
  13. Roberto Tamborini, 2008. "The macroeconomics of imperfect capital markets. Whither saving-investment imbalances?," Department of Economics Working Papers 0815, Department of Economics, University of Trento, Italia.
  14. Ramos-Tallada, Julio, 2009. "Microfondements du canal étroit du crédit bancaire : le motif de précaution," Economics Papers from University Paris Dauphine 123456789/4726, Paris Dauphine University.

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