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Are we experiencing a credit crunch?

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  • Richard F. Syron

Abstract

In his statement before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance and Urban Affairs on the availability of credit, Bank President Richard F. Syron discusses the "credit crunch." He describes how developments in the financial and real sectors of the economy led to restricted credit availability, and why the situation has become particularly acute in New England. ; Mr. Syron concludes by considering the outlook for the future, cautioning against making the 1990s a period of excessive credit contraction, a mirror image of the mid 1980s when expectations were overly optimistic. Painful as the high unemployment rate and the drop in real estate prices are, they will provide the catalyst for restoring New England’s competitive position in manufacturing, which requires land and labor costs more in line with costs in the rest of the nation.

Suggested Citation

  • Richard F. Syron, 1991. "Are we experiencing a credit crunch?," New England Economic Review, Federal Reserve Bank of Boston, issue Jul, pages 3-10.
  • Handle: RePEc:fip:fedbne:y:1991:i:jul:p:3-10
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    File URL: http://www.bostonfed.org/economic/neer/neer1991/neer491a.pdf
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    Cited by:

    1. Skander J. van den Heuvel, 2002. "Does bank capital matter for monetary transmission?," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 259-265.
    2. Stefan Kooths & Matthias Rieger, 2008. "Caught in the US Subprime Meltdown 2007/2008: Germany Loses Its Wallet but Escapes Major Harm," Discussion Papers of DIW Berlin 825, DIW Berlin, German Institute for Economic Research.
    3. Joe Peek & Eric S. Rosengren, 1992. "Crunching the recovery: bank capital and the role of bank credit," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 36, pages 151-186.
    4. repec:wsi:serxxx:v:62:y:2017:i:04:n:s021759081740029x is not listed on IDEAS
    5. 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.
    6. Dahl, Drew, 1996. "Ownership changes and lending at minority banks: A note," Journal of Banking & Finance, Elsevier, vol. 20(7), pages 1289-1301, August.
    7. Burcu Erdogan, 2010. "Kreditklemme in Deutschland: Mythos oder Realität?," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 79(4), pages 27-37.
    8. Charles W. Calomiris & Athanasios Orphanides & Steven A. Sharpe, 1994. "Leverage as a State Variable for Employment, Inventory Accumulation, andFixed Investment," NBER Working Papers 4800, National Bureau of Economic Research, Inc.
    9. Curry, Timothy J. & Fissel, Gary S. & Hanweck, Gerald A., 2008. "Is there cyclical bias in bank holding company risk ratings?," Journal of Banking & Finance, Elsevier, vol. 32(7), pages 1297-1309, July.
    10. Amato, Jeffery D. & Furfine, Craig H., 2004. "Are credit ratings procyclical?," Journal of Banking & Finance, Elsevier, vol. 28(11), pages 2641-2677, November.
    11. Skander Van den Heuvel, 2006. "The Bank Capital Channel of Monetary Policy," 2006 Meeting Papers 512, Society for Economic Dynamics.
    12. Donsyah Yudistira, 2002. "The Impact of Bank Capital Requirements in Indonesia," Finance 0212002, EconWPA, revised 18 May 2003.
    13. Takala, Kari & Virén, Matti, 1995. "Bankruptcies, indebtedness and the credit cruch," Research Discussion Papers 28/1995, Bank of Finland.
    14. Peter Nigro & Kevin Jacques, 2000. "Financial Turmoil, Failed Bank Acquisitions, and Bank Business Lending Behavior," Journal of Financial Services Research, Springer;Western Finance Association, vol. 17(2), pages 149-164, August.

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    Keywords

    Credit ; New England;

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