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Financial structures and the real effects of credit-supply shocks in Denmark 1922-2011

  • Kim Abildgren
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    We examine the real effects of credit shocks using a series of structural vector autoregressive models estimated on the basis on a new quarterly data set for Denmark spanning the past 90 years or so. We find no evidence of real macroeconomic effects from supply shocks to credit from commercial/savings banks in the periods 1922-1938 and 1981-2011 even though these periods contained several cases of severe banking crises. We attribute these findings to the special role played by bond-financed mortgage banks in the Danish financial system combined with comprehensive government interventions to safeguard financial stability during times of banking crises. Copyright , Oxford University Press.

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    File URL: http://hdl.handle.net/10.1093/ereh/hes012
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    Article provided by Oxford University Press in its journal European Review of Economic History.

    Volume (Year): 16 (2012)
    Issue (Month): 4 (November)
    Pages: 490-510

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    Handle: RePEc:oup:ereveh:v:16:y:2012:i:4:p:490-510
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    1. White, Eugene Nelson, 1984. "A Reinterpretation of the Banking Crisis of 1930," The Journal of Economic History, Cambridge University Press, vol. 44(01), pages 119-138, March.
    2. Jørn Inge Halvorsen & Dag Henning Jacobsen, 2009. "Are bank lending shocks important for economic fluctuations?," Working Paper 2009/27, Norges Bank.
    3. Charles W. Calomiris, 1993. "Financial Factors in the Great Depression," Journal of Economic Perspectives, American Economic Association, vol. 7(2), pages 61-85, Spring.
    4. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973, April.
    5. Oliner, Stephen D & Rudebusch, Glenn D, 1996. "Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance: Comment," American Economic Review, American Economic Association, vol. 86(1), pages 300-309, March.
    6. James H. Stock & Mark W. Watson, 2001. "Vector Autoregressions," Journal of Economic Perspectives, American Economic Association, vol. 15(4), pages 101-115, Fall.
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