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Identifying credit crunches

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  • 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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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. Allen N. Berger & Gregory F. Udell, 1990. "Some evidence on the empirical significance of credit rationing," Finance and Economics Discussion Series 105, Board of Governors of the Federal Reserve System (U.S.).
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Cited by:
  1. Del Giovane, Paolo & Eramo, Ginette & Nobili, Andrea, 2011. "Disentangling demand and supply in credit developments: A survey-based analysis for Italy," Journal of Banking & Finance, Elsevier, vol. 35(10), pages 2719-2732, October.
  2. 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.
  3. 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.
  4. Michael D. Bordo & Joseph G. Haubrich, 2009. "Credit crises, money, and contractions: A historical view," Working Paper 0908, Federal Reserve Bank of Cleveland.
  5. 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.
  6. Anil K. Kashyap & Jeremy C. Stein, 1994. "Monetary Policy and Bank Lending," NBER Chapters, in: Monetary Policy, pages 221-261 National Bureau of Economic Research, Inc.
  7. Christina D. Romer & David H. Romer, 1993. "Credit channel or credit actions? an interpretation of the postwar transmission mechanism," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 71-149.
  8. John A. Weinberg, 1995. "Cycles in lending standards?," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 1-18.
  9. 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.
  10. John A. Weinberg, 1994. "Firm size, finance, and investment," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 19-40.
  11. 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.).
  12. 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.
  13. McMillin, W. Douglas, 1996. "Monetary policy and bank portfolios," Journal of Economics and Business, Elsevier, vol. 48(4), pages 315-335, October.

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