| Description |
1 online resource (46 pages) |
| Series |
IMF working paper ; WP/98/93 |
|
IMF working paper ; WP/98/93.
|
| Summary |
In a world with asymmetric information and other market imperfections, financial intermediaries provide credit to otherwise liquidity constrained agents. If lending without screening and monitoring entails large deadweight losses, and if market financing is prevented by free-rider problems, banks emerge as the only source of external financing for potentially productive agents (Diamond, 1984).1 As a result, the relationship between monetary perturbations and aggregate economic activity is necessarily linked to bank lending behavior. 2 However, the response of bank lending to positive and negative interest rate changes may be inherently different, and potentially asymmetric. Even though several papers have studied the asymmetric effects of monetary policy on real economic activity, little attention has been paid to the asymmetric response of bank lending to interest rate changes. 3 |
| Bibliography |
Includes bibliographical references (pages 45-46) |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
|
English |
|
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
|
Print version record |
| Subject |
Bank loans.
|
|
Interest rates.
|
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Bank loans
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Interest rates
|
| Form |
Electronic book
|
| Author |
Garibaldi, Pietro, 1968- author
|
|
International Monetary Fund. Research Department, issuing body.
|
| ISBN |
1283571129 |
|
9781283571128 |
|
1451897472 |
|
9781451897470 |
|
1462379214 |
|
9781462379217 |
|
1452778507 |
|
9781452778501 |
|
9786613883575 |
|
6613883573 |
|
9781451951318 |
|
1451951310 |
| ISSN |
2227-8885 |
|
