Credit subsidies

Isabel Correia; Fiorella de Fiore; Pedro Teles; Oreste Tristani

doi:10.1016/j.jmoneco.2018.12.002

Credit subsidies

Isabel Correia^*
, Fiorella de Fiore^*
, Pedro Teles^*
, Oreste Tristani^*

^*Autor correspondente para este trabalho

Resultado de pesquisa › revisão de pares

7 Citações (Scopus)

Resumo

Credit subsidies are an alternative to interest rate and credit policies when dealing with high and volatile credit spreads. In a model where credit spreads move in response to shocks to the net worth of financial intermediaries, credit subsidies are able to stabilize those spreads avoiding repercussions on the real economy. Interest rate policy can be a substitute for credit subsidies but it is limited by the zero bound constraint. Credit subsidies overcome this constraint. They are superior to a policy of credit easing as long as the government is less efficient than financial intermediaries in providing credit.

Idioma original	English
Páginas (de-até)	2-14
Número de páginas	13
Revista	Journal of Monetary Economics
Volume	118
DOIs	https://doi.org/10.1016/j.jmoneco.2018.12.002
Estado da publicação	Publicado - mar. 2021

ODS da ONU

Este resultado contribui para o(s) seguinte(s) Objetivo(s) de Desenvolvimento Sustentável

ODS 17 Parcerias para os objetivos

Acesso ao documento

10.1016/j.jmoneco.2018.12.002

Outros arquivos e links

https://www.scopus.com/pages/publications/85059848142

CUBE: Católica Lisbon Research Unit in Business and Economics
Machado, F. (PI), Aranda, A. M. (Investigador), Costa, A. I. D. A. (Investigador), Martins, A. P. (Investigador), Bernard, A. (Investigador), Fidalgo, A. (Investigador), Reis, C. (Investigador), Abecassis-Moedas, C. (Investigador), Santos, C. (Investigador), Tran, D. (Investigador), Fernandes, D. (Investigador), Bonfim, D. (Investigador), Schliephake, E. (Investigador), Kalogirou, F. (Investigador), Reis, F. (Investigador), Santos, F. (Investigador), Machado, F. (Investigador), Sguera, F. (Investigador), Cerqueiro, G. (Investigador), Reis, H. (Investigador), Barreto, I. (Investigador), Silva, J. (Investigador), Salvado, J. C. (Investigador), Neves, J. C. D. (Investigador), Gijsbrechts, J. (Investigador), Stahl, J. (Investigador), Guedes, J. C. (Investigador), Faias, J. (Investigador), Wagner, L. (Investigador), Correia, I. (Investigador), Saldanha, M. F. (Investigador), Fontes, J. C. (Investigador), Modesto, L. (Investigador), Meira, M. (Investigador), Matos, M. G. D. (Investigador), Gouveia, M. (Investigador), Kozeniauskas, N. (Investigador), Bertani, N. (Investigador), Couzoff, P. (Investigador), Barroso, P. (Investigador), Encarnação, P. (Investigador), Raposo, P. (Investigador), Teles, P. (Investigador), Bastos, W. (Investigador), Bohnsack, R. (Investigador), Vale, R. C. D. (Investigador), Ferreira, R. (Investigador), Lloyd-Braga, T. (Investigador), Ramus, T. (Investigador), Colaço, V. H. (Investigador), Cavicchini, A. (Investigador), Parada, P. (Investigador), Pieters, R. (Investigador), Pinto, F. S. (Investigador), Colaço, V. H. (Investigador) & Venter, Z. (Investigador)
1/01/20 → 31/12/25
Projeto

Citação

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title = "Credit subsidies",

abstract = "Credit subsidies are an alternative to interest rate and credit policies when dealing with high and volatile credit spreads. In a model where credit spreads move in response to shocks to the net worth of financial intermediaries, credit subsidies are able to stabilize those spreads avoiding repercussions on the real economy. Interest rate policy can be a substitute for credit subsidies but it is limited by the zero bound constraint. Credit subsidies overcome this constraint. They are superior to a policy of credit easing as long as the government is less efficient than financial intermediaries in providing credit.",

keywords = "Banks, Costly enforcement, Credit subsidies, Monetary policy, Zero lower bound on nominal interest rates",

author = "Isabel Correia and Fiore, \{Fiorella de\} and Pedro Teles and Oreste Tristani",

year = "2021",

month = mar,

doi = "10.1016/j.jmoneco.2018.12.002",

language = "English",

volume = "118",

pages = "2--14",

journal = "Journal of Monetary Economics",

issn = "0304-3932",

publisher = "Elsevier B.V.",

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TY - JOUR

T1 - Credit subsidies

AU - Correia, Isabel

AU - Fiore, Fiorella de

AU - Teles, Pedro

AU - Tristani, Oreste

PY - 2021/3

Y1 - 2021/3

N2 - Credit subsidies are an alternative to interest rate and credit policies when dealing with high and volatile credit spreads. In a model where credit spreads move in response to shocks to the net worth of financial intermediaries, credit subsidies are able to stabilize those spreads avoiding repercussions on the real economy. Interest rate policy can be a substitute for credit subsidies but it is limited by the zero bound constraint. Credit subsidies overcome this constraint. They are superior to a policy of credit easing as long as the government is less efficient than financial intermediaries in providing credit.

AB - Credit subsidies are an alternative to interest rate and credit policies when dealing with high and volatile credit spreads. In a model where credit spreads move in response to shocks to the net worth of financial intermediaries, credit subsidies are able to stabilize those spreads avoiding repercussions on the real economy. Interest rate policy can be a substitute for credit subsidies but it is limited by the zero bound constraint. Credit subsidies overcome this constraint. They are superior to a policy of credit easing as long as the government is less efficient than financial intermediaries in providing credit.

KW - Banks

KW - Costly enforcement

KW - Credit subsidies

KW - Monetary policy

KW - Zero lower bound on nominal interest rates

UR - https://www.scopus.com/pages/publications/85059848142

U2 - 10.1016/j.jmoneco.2018.12.002

DO - 10.1016/j.jmoneco.2018.12.002

M3 - Article

AN - SCOPUS:85059848142

SN - 0304-3932

VL - 118

SP - 2

EP - 14

JO - Journal of Monetary Economics

JF - Journal of Monetary Economics

ER -

Credit subsidies

Resumo

ODS da ONU

Acesso ao documento

Outros arquivos e links

Impressão digital

Projetos

CUBE: Católica Lisbon Research Unit in Business and Economics

Citação