Identifying credit crunches
AbstractThis 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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Bibliographic InfoPaper provided by Federal Reserve Bank of Richmond in its series Working Paper with number 93-02.
Date of creation: 1993
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