Detail Monetary policy, credit rationing, and investment in developing countries Bibliografi Author: Nkusu, Mwanza ; Sprenkle, Case (Advisor) Topik: ECONOMICS; GENERAL|ECONOMICS; FINANCE Bahasa: (EN )    ISBN: 0-599-10647-6     Penerbit: UNIVERSITY OF ILLINOIS AT URBANA-CHAMPAIGN     Tahun Terbit: 1998     Jenis: Theses - Dissertation Fulltext: 9912330.pdf (0.0B; 1 download) Abstract The purpose of this thesis is to provide insights into the way interest rates policy and inflation affect bank loans and investment in developing countries. A general equilibrium model is developed. It provides a framework for analyzing the impact of interest rates and inflation on bank loans and investment. The relationships between variables are derived from the optimizing behavior of agents: a household and the banking system. The following questions are examined: Are interest rates irrelevant in the presence of credit rationing? If interest rates are relevant, how do they influence bank loans and investment? The analysis goes beyond most of the existing literature by distinguishing the lending rate and the deposit rate. It is shown that: (1) inflation is negatively related to both bank loans investment; (2) the lending and the deposit rates may be relevant in investment equations even in the presence of a credit constraint; (3) the impact of the deposit rate on investment is positive, while that of the lending rate is very likely to be negative. The analysis further suggests that neither bank loans nor investment will necessarily increase as a result of higher lending rates; therefore, it is misleading to recognize only disequilibrium rationing in developing countries' credit markets. The model is tested on data from a selected number of African countries, in a pooled cross-sectional analysis. The relationships derived in the theoretical model are confirmed to a great extent. The most striking result is the relevance of both the lending and the deposit rates in investment equations in the presence of credit constraints. The analysis suggests that using one interest rate variable in investment equations may generate misleading results. From a policy standpoint, the analysis gives some prescriptions, including the need for macroeconomic stability and development of information systems, as preconditions for interest rate reform policies to work. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

Copyright © 2006, 2007 Unika Atma Jaya, all rights reserved