The Potential Contribution of Fiscal Policy to Rebalancing and Growth in New Zealand PDF (Adobe DRM) download by Werner Schule

The Potential Contribution of Fiscal Policy to Rebalancing and Growth in New Zealand

INTERNATIONAL MONETARY FUND
Publication date: September 2004
ISBN: 9781455200870
Digital Book format: PDF (Adobe DRM)

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Periods of banking distress are often followed by sizable and long-lasting contractions in bank credit. They may be explained by a declined demand by financially impaired borrowers (the conventional financial accelerator) or by lower supply by capital-constrained banks, a "credit crunch". This paper develops a bank model to study credit crunches and their real effects. In this model, banks maintain a precautionary level of capital that serves as a smoothing mechanism to avert disruptions in the supply of credit when hit by small shocks. However, for larger shocks, highly persistent credit crunches may arise even when the impulse is a one time, non-serially correlated event. From a policy perspective, the model justifies the use of public funds to recapitalize banks following a significant deterioration in their capital position.
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