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Identifying credit crunches

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Author Info

  • Raymond E. Owens
  • Stacey L. Schreft

Abstract

This article emphasizes the role of nonprice rationing in credit crunches. It proposes a process for identifying credit crunches centered on the political economy of the period under study. The process is applied to the U.S. for the 1960-92 period, and a variable is constructed that indicates when credit crunches occurred. In addition, the article questions the conventional wisdom that Regulation Q was the primary cause of the 1960s credit crunches.

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File URL: http://www.richmondfed.org/publications/research/working_papers/1993/wp_93-2.cfm
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Bibliographic Info

Paper provided by Federal Reserve Bank of Richmond in its series Working Paper with number 93-02.

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Date of creation: 1993
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Handle: RePEc:fip:fedrwp:93-02

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Keywords: Credit;

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References

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  1. Berger, Allen N & Udell, Gregory F, 1992. "Some Evidence on the Empirical Significance of Credit Rationing," Journal of Political Economy, University of Chicago Press, vol. 100(5), pages 1047-77, October.
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Citations

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Cited by:
  1. Michael D. Bordo & Joseph G. Haubrich, 2009. "Credit crises, money, and contractions: A historical view," Working Paper 0908, Federal Reserve Bank of Cleveland.
  2. Anil Kashyap & Jeremy C. Stein, 1993. "Monetary Policy and Bank Lending," NBER Working Papers 4317, National Bureau of Economic Research, Inc.
  3. Michael Devaney & William Weber, 2002. "Small-Business Lending and Profit Efficiency in Commercial Banking," Journal of Financial Services Research, Springer, vol. 22(3), pages 225-246, December.
  4. Christina D. Romer & David H. Romer, 1994. "Credit Channel or Credit Actions? An Interpretation of the Postwar Transmission Mechanism," NBER Working Papers 4485, National Bureau of Economic Research, Inc.
  5. Shaffer, Sherrill & Hoover, Scott, 2008. "Endogenous screening, credit crunches, and competition in laxity," Review of Financial Economics, Elsevier, vol. 17(4), pages 296-314, December.
  6. Robert T. Clair & Paula Tucker, 1993. "Six causes of the credit crunch," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Sep, pages 1-19.
  7. Pecchenino, Rowena A., 1998. "Risk averse bank managers: Exogenous shocks, portfolio reallocations and market spillovers," Journal of Banking & Finance, Elsevier, vol. 22(2), pages 161-174, February.
  8. Mark Carey S. & Stephen Prowse & John Rea & Gregory Udell, 1993. "The economics of the private placement market," Staff Studies 166, Board of Governors of the Federal Reserve System (U.S.).
  9. Cara S. Lown & Donald P. Morgan, 2002. "Credit effects in the monetary mechanism," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 217-235.
  10. John A. Weinberg, 1995. "Cycles in lending standards?," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 1-18.
  11. McMillin, W. Douglas, 1996. "Monetary policy and bank portfolios," Journal of Economics and Business, Elsevier, vol. 48(4), pages 315-335, October.
  12. Paolo Del Giovane & Ginette Eramo & Andrea Nobili, 2010. "Disentangling demand and supply in credit developments: a survey-based analysis for Italy," Temi di discussione (Economic working papers) 764, Bank of Italy, Economic Research and International Relations Area.
  13. John A. Weinberg, 1994. "Firm size, finance, and investment," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 19-40.

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