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Recursos bibliográficos en papel y digitales -
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» Resultado: 2 registros
| Registro 1 de 2 | |
| Autor: | Keeton, William R. - |
| Título: | Has multi-market banking changed the response of small business lending to local economic shocks? |
| Fuente: | Economic Review. v.94, n.1. US Federal Reserve Bank of Kansas City |
| Páginas: | pp. 5-36 |
| Año: | 2009 |
| Resumen: | The consolidation of the U.S. banking industry has greatly increased the importance of large multi-market banking organizations relative to smaller, single-market banks. An issue that has not received much attention is how multi-market banking has affected the response of local bank lending to local economic shocks. When an area is hit particularly hard by a recession, is bank lending now more likely to decline in the area, exacerbating the downturn? Or is bank lending now more likely to remain unchanged, moderating the downturn? The answer is important to local communities because it affects the volatility of their output and employment. But it is also important to the national economy, because the distribution of credit across markets can affect overall productivity and growth. Keeton uses new data to examine the impact on local lending of the slowdowns in some local economies during the 2001 recession and recovery. The basic approach is to see whether these slowdowns had a different effect on lending by single-market banks than on lending by multi-market banks. He finds substantial support for the view that the shift to multi-market banking has reduced the overall sensitivity of bank lending to local economic shocks. He also finds some evidence that this effect may be due to a lesser ability of multi-market banks to identify and respond to changes in local economic conditions. |
| Palabras clave: | BANCOS | PRESTAMOS BANCARIOS | CRISIS | RECESION ECONOMICA | |
| Solicitar por: | HEMEROTECA E + datos de Fuente |
| Registro 2 de 2 | |
| Autor: | Hakkio, Craig S. - Keeton, William R. - |
| Título: | Financial Stress: What Is It, How Can It Be Measured, and Why Does It Matter? |
| Fuente: | Economic Review. v.94, n.2. US Federal Reserve Bank of Kansas City |
| Páginas: | pp. 5-50 |
| Año: | 2009 |
| Resumen: | The U.S. economy is currently experiencing a period of significant financial stress. This stress has contributed to the downturn in the economy by boosting the cost of credit and making businesses, households, and financial institutions highly cautious. To alleviate the financial stress and counteract its effects on the economy, the Federal Reserve has reduced the federal funds rate target substantially and undertaken unprecedented actions to support the functioning of financial markets. There will come a point, however, when the Federal Reserve needs to remove liquidity from the economy and unwind special lending programs to ensure a return to sustainable growth with low inflation. In past recoveries, the decision when to tighten policy was based mainly on the strength of business and consumer spending and the degree of upward pressure on prices and wages. An additional element in the current exit strategy will be determining if financial stress is no longer high enough to endanger economic recovery. As financial conditions begin to improve, the various measures of financial stress that the Federal Reserve monitors may give mixed signals. In this situation, policymakers would greatly benefit from having a single, comprehensive index of financial stress. Such an index could also prove valuable further down the road, when the Federal Reserve might again need to decide whether financial stress was serious enough to warrant special attention. Hakkio and Keeton present a new index of financial stress--the Kansas City Financial Stress Index (KCFSI). They explain how the components of the KCFSI capture key aspects of financial stress and show that high values of the KCFSI have tended to coincide with known periods of financial stress. They also show that the KCFSI provides valuable information about future economic growth. |
| Palabras clave: | CRISIS | RECESION ECONOMICA | FINANZAS LOCALES | MEDICION | |
| Solicitar por: | HEMEROTECA E + datos de Fuente |
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