Understanding Bank and Nonbank Credit Cycles: A Structural Exploration
We explore the structural drivers of bank and nonbank credit cycles using a medium‐scale dynamic stochastic general equilibrium (DSGE) model with two types of financial intermediation. We posit economywide and sectoral disturbances in both macro and financial sectors. We estimate that sectoral shock...
Gespeichert in:
| Veröffentlicht in: | Journal of money, credit and banking credit and banking, 2023-02, Vol.55 (1), p.103-142 |
|---|---|
| Hauptverfasser: | , |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | 142 |
|---|---|
| container_issue | 1 |
| container_start_page | 103 |
| container_title | Journal of money, credit and banking |
| container_volume | 55 |
| creator | DURDU, C. BORA ZHONG, MOLIN |
| description | We explore the structural drivers of bank and nonbank credit cycles using a medium‐scale dynamic stochastic general equilibrium (DSGE) model with two types of financial intermediation. We posit economywide and sectoral disturbances in both macro and financial sectors. We estimate that sectoral shocks to the balance sheets of entrepreneurs are important for fluctuations in bank and nonbank credit growth at the business cycle frequency. Economywide entrepreneurial risk shocks gain predominance for explaining the lower frequency comovement between the two series. Macro shocks play very little role in explaining financial cycles. |
| doi_str_mv | 10.1111/jmcb.12918 |
| format | Article |
| fullrecord | <record><control><sourceid>proquest_cross</sourceid><recordid>TN_cdi_proquest_journals_2778208349</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><sourcerecordid>2778208349</sourcerecordid><originalsourceid>FETCH-LOGICAL-c4278-f1923192d4c5fc096005ae73ce8104e73cbce497a10650cdcd2324f39fcc774e3</originalsourceid><addsrcrecordid>eNp9kF1LwzAUhoMoOKc3_oKAd0LnyUebxLtZNj-YeqG7DlmaSmeXzqRF9-_trOCdBw7nuXh4D7wInROYkH6u1hu7mhCqiDxAI5IymfCMZIdoBEBpQqVQx-gkxjUAqJSTEZovfeFCbI0vKv-Gb4x_xz3jp8av9pwHV1Qtzne2dvEaT_FLGzrbdsHUePa1rZtg2qrxp-ioNHV0Z793jJbz2Wt-lyyeb-_z6SKxnAqZlERR1m_BbVpaUBlAapxg1kkCfA8r67gShkCWgi1sQRnlJVOltUJwx8boYsjdhuajc7HV66YLvn-pqRCSgmRc9dblYNnQxBhcqbeh2piw0wT0vie970n_9NTLeJCdbXwV_1SZUgKQEdYrZFA-q9rt_gnTD4_5zRD7DaRvc7c</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>2778208349</pqid></control><display><type>article</type><title>Understanding Bank and Nonbank Credit Cycles: A Structural Exploration</title><source>Wiley Online Library Journals Frontfile Complete</source><creator>DURDU, C. BORA ; ZHONG, MOLIN</creator><creatorcontrib>DURDU, C. BORA ; ZHONG, MOLIN</creatorcontrib><description>We explore the structural drivers of bank and nonbank credit cycles using a medium‐scale dynamic stochastic general equilibrium (DSGE) model with two types of financial intermediation. We posit economywide and sectoral disturbances in both macro and financial sectors. We estimate that sectoral shocks to the balance sheets of entrepreneurs are important for fluctuations in bank and nonbank credit growth at the business cycle frequency. Economywide entrepreneurial risk shocks gain predominance for explaining the lower frequency comovement between the two series. Macro shocks play very little role in explaining financial cycles.</description><identifier>ISSN: 0022-2879</identifier><identifier>EISSN: 1538-4616</identifier><identifier>DOI: 10.1111/jmcb.12918</identifier><language>eng</language><publisher>Columbus: Ohio State University Press</publisher><subject>banks ; Business cycles ; capital requirements ; Credit ; credit cycles ; DSGE models ; Entrepreneurs ; financial shocks ; leverage ; nonbanks ; Stochastic models</subject><ispartof>Journal of money, credit and banking, 2023-02, Vol.55 (1), p.103-142</ispartof><rights>Published 2022. This article is a U.S. Government work and is in the public domain in the USA.</rights><rights>2023 The Ohio State University.</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c4278-f1923192d4c5fc096005ae73ce8104e73cbce497a10650cdcd2324f39fcc774e3</citedby><cites>FETCH-LOGICAL-c4278-f1923192d4c5fc096005ae73ce8104e73cbce497a10650cdcd2324f39fcc774e3</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://onlinelibrary.wiley.com/doi/pdf/10.1111%2Fjmcb.12918$$EPDF$$P50$$Gwiley$$H</linktopdf><linktohtml>$$Uhttps://onlinelibrary.wiley.com/doi/full/10.1111%2Fjmcb.12918$$EHTML$$P50$$Gwiley$$H</linktohtml><link.rule.ids>314,776,780,1411,27901,27902,45550,45551</link.rule.ids></links><search><creatorcontrib>DURDU, C. BORA</creatorcontrib><creatorcontrib>ZHONG, MOLIN</creatorcontrib><title>Understanding Bank and Nonbank Credit Cycles: A Structural Exploration</title><title>Journal of money, credit and banking</title><description>We explore the structural drivers of bank and nonbank credit cycles using a medium‐scale dynamic stochastic general equilibrium (DSGE) model with two types of financial intermediation. We posit economywide and sectoral disturbances in both macro and financial sectors. We estimate that sectoral shocks to the balance sheets of entrepreneurs are important for fluctuations in bank and nonbank credit growth at the business cycle frequency. Economywide entrepreneurial risk shocks gain predominance for explaining the lower frequency comovement between the two series. Macro shocks play very little role in explaining financial cycles.</description><subject>banks</subject><subject>Business cycles</subject><subject>capital requirements</subject><subject>Credit</subject><subject>credit cycles</subject><subject>DSGE models</subject><subject>Entrepreneurs</subject><subject>financial shocks</subject><subject>leverage</subject><subject>nonbanks</subject><subject>Stochastic models</subject><issn>0022-2879</issn><issn>1538-4616</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2023</creationdate><recordtype>article</recordtype><recordid>eNp9kF1LwzAUhoMoOKc3_oKAd0LnyUebxLtZNj-YeqG7DlmaSmeXzqRF9-_trOCdBw7nuXh4D7wInROYkH6u1hu7mhCqiDxAI5IymfCMZIdoBEBpQqVQx-gkxjUAqJSTEZovfeFCbI0vKv-Gb4x_xz3jp8av9pwHV1Qtzne2dvEaT_FLGzrbdsHUePa1rZtg2qrxp-ioNHV0Z793jJbz2Wt-lyyeb-_z6SKxnAqZlERR1m_BbVpaUBlAapxg1kkCfA8r67gShkCWgi1sQRnlJVOltUJwx8boYsjdhuajc7HV66YLvn-pqRCSgmRc9dblYNnQxBhcqbeh2piw0wT0vie970n_9NTLeJCdbXwV_1SZUgKQEdYrZFA-q9rt_gnTD4_5zRD7DaRvc7c</recordid><startdate>202302</startdate><enddate>202302</enddate><creator>DURDU, C. BORA</creator><creator>ZHONG, MOLIN</creator><general>Ohio State University Press</general><scope>OQ6</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>202302</creationdate><title>Understanding Bank and Nonbank Credit Cycles: A Structural Exploration</title><author>DURDU, C. BORA ; ZHONG, MOLIN</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c4278-f1923192d4c5fc096005ae73ce8104e73cbce497a10650cdcd2324f39fcc774e3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2023</creationdate><topic>banks</topic><topic>Business cycles</topic><topic>capital requirements</topic><topic>Credit</topic><topic>credit cycles</topic><topic>DSGE models</topic><topic>Entrepreneurs</topic><topic>financial shocks</topic><topic>leverage</topic><topic>nonbanks</topic><topic>Stochastic models</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>DURDU, C. BORA</creatorcontrib><creatorcontrib>ZHONG, MOLIN</creatorcontrib><collection>ECONIS</collection><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Journal of money, credit and banking</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>DURDU, C. BORA</au><au>ZHONG, MOLIN</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Understanding Bank and Nonbank Credit Cycles: A Structural Exploration</atitle><jtitle>Journal of money, credit and banking</jtitle><date>2023-02</date><risdate>2023</risdate><volume>55</volume><issue>1</issue><spage>103</spage><epage>142</epage><pages>103-142</pages><issn>0022-2879</issn><eissn>1538-4616</eissn><abstract>We explore the structural drivers of bank and nonbank credit cycles using a medium‐scale dynamic stochastic general equilibrium (DSGE) model with two types of financial intermediation. We posit economywide and sectoral disturbances in both macro and financial sectors. We estimate that sectoral shocks to the balance sheets of entrepreneurs are important for fluctuations in bank and nonbank credit growth at the business cycle frequency. Economywide entrepreneurial risk shocks gain predominance for explaining the lower frequency comovement between the two series. Macro shocks play very little role in explaining financial cycles.</abstract><cop>Columbus</cop><pub>Ohio State University Press</pub><doi>10.1111/jmcb.12918</doi><tpages>40</tpages><oa>free_for_read</oa></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0022-2879 |
| ispartof | Journal of money, credit and banking, 2023-02, Vol.55 (1), p.103-142 |
| issn | 0022-2879 1538-4616 |
| language | eng |
| recordid | cdi_proquest_journals_2778208349 |
| source | Wiley Online Library Journals Frontfile Complete |
| subjects | banks Business cycles capital requirements Credit credit cycles DSGE models Entrepreneurs financial shocks leverage nonbanks Stochastic models |
| title | Understanding Bank and Nonbank Credit Cycles: A Structural Exploration |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-02-08T05%3A39%3A37IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest_cross&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Understanding%20Bank%20and%20Nonbank%20Credit%20Cycles:%20A%20Structural%20Exploration&rft.jtitle=Journal%20of%20money,%20credit%20and%20banking&rft.au=DURDU,%20C.%20BORA&rft.date=2023-02&rft.volume=55&rft.issue=1&rft.spage=103&rft.epage=142&rft.pages=103-142&rft.issn=0022-2879&rft.eissn=1538-4616&rft_id=info:doi/10.1111/jmcb.12918&rft_dat=%3Cproquest_cross%3E2778208349%3C/proquest_cross%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=2778208349&rft_id=info:pmid/&rfr_iscdi=true |