Essays on macroeconomic effects of credit market fluctuations
This dissertation includes three chapters on the macroeconomic effects of the financial system, particularly the credit market. In the first chapter, I show a causal link between household credit supply and economic activity using an exogenous shock to household credit supply by Spanish banks in Mex...
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| Tipo de documento: | tese |
| Estado: | Versão publicada |
| Data de publicação: | 2016 |
| País: | España |
| Recursos: | CBUC, CESCA |
| Repositório: | TDR. Tesis Doctorales en Red |
| OAI Identifier: | oai:www.tdx.cat:10803/398786 |
| Acesso em linha: | http://hdl.handle.net/10803/398786 |
| Access Level: | Acceso aberto |
| Palavra-chave: | Macroeconomic effects Credit market Efectos macroeconómicos Mercados de crédito 33 |
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Essays on macroeconomic effects of credit market fluctuations |
| title |
Essays on macroeconomic effects of credit market fluctuations |
| spellingShingle |
Essays on macroeconomic effects of credit market fluctuations Tripathy, Jagdish Macroeconomic effects Credit market Efectos macroeconómicos Mercados de crédito 33 |
| title_short |
Essays on macroeconomic effects of credit market fluctuations |
| title_full |
Essays on macroeconomic effects of credit market fluctuations |
| title_fullStr |
Essays on macroeconomic effects of credit market fluctuations |
| title_full_unstemmed |
Essays on macroeconomic effects of credit market fluctuations |
| title_sort |
Essays on macroeconomic effects of credit market fluctuations |
| dc.creator.none.fl_str_mv |
Tripathy, Jagdish |
| author |
Tripathy, Jagdish |
| author_facet |
Tripathy, Jagdish |
| author_role |
author |
| dc.contributor.none.fl_str_mv |
Ventura, Jaume Martin, Alberto Universitat Pompeu Fabra. Departament d'Economia i Empresa |
| dc.subject.none.fl_str_mv |
Macroeconomic effects Credit market Efectos macroeconómicos Mercados de crédito 33 |
| topic |
Macroeconomic effects Credit market Efectos macroeconómicos Mercados de crédito 33 |
| description |
This dissertation includes three chapters on the macroeconomic effects of the financial system, particularly the credit market. In the first chapter, I show a causal link between household credit supply and economic activity using an exogenous shock to household credit supply by Spanish banks in Mexico resulting from macroprudential regulations in Spain. I use the variation in exposure to this shock across Mexican municipalities as a natural experiment and measure the elasticity of lending to the non-tradable sector to changes in household credit ranging from 1.6-3.5. In the second chapter, I show that the Spanish regulations did not affect lending to Mexican firms by Spanish banks. I use firm-level data to show that firms with multiple bank relationships did not experience a change in loan-terms (in levels and interest rates) of marginal credit offered by Spanish banks vis-a-vis the terms offered by non-Spanish banks. I write a theoretical model that accounts for the asymmetric effect of the Spanish regulations on lending to firms and households based on the relationship rents earned by banks depending upon the proprietary information held by them on a given borrower. In the third chapter, I study the effect of asset bubbles in the presence of financial frictions and heterogeneous projects. I consider an economy with two sectors - a productive, financially constrained sector and an unproductive sector with lower levels of financial constraints. Financial constraints create conditions for the existence of asset bubbles. Asset bubbles, in turn, raise interest rates and lower investment productivity by directing financial resources away from the financially constrained, productive sector to the less constrained, unproductive sector. Such bubbles guide the economy to steady states with low levels of consumption that I call bubbly growth traps. |
| publishDate |
2016 |
| dc.date.none.fl_str_mv |
2016 2016 2016 |
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info:eu-repo/semantics/doctoralThesis info:eu-repo/semantics/publishedVersion |
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doctoralThesis |
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publishedVersion |
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http://hdl.handle.net/10803/398786 |
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http://hdl.handle.net/10803/398786 |
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Inglés |
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Inglés |
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info:eu-repo/semantics/openAccess |
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openAccess |
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114 p. application/pdf application/pdf |
| dc.publisher.none.fl_str_mv |
Universitat Pompeu Fabra |
| publisher.none.fl_str_mv |
Universitat Pompeu Fabra |
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TDX (Tesis Doctorals en Xarxa) reponame:TDR. Tesis Doctorales en Red instname:CBUC, CESCA |
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CBUC, CESCA |
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TDR. Tesis Doctorales en Red |
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TDR. Tesis Doctorales en Red |
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1869413961975201792 |
| spelling |
Essays on macroeconomic effects of credit market fluctuationsTripathy, JagdishMacroeconomic effectsCredit marketEfectos macroeconómicosMercados de crédito33This dissertation includes three chapters on the macroeconomic effects of the financial system, particularly the credit market. In the first chapter, I show a causal link between household credit supply and economic activity using an exogenous shock to household credit supply by Spanish banks in Mexico resulting from macroprudential regulations in Spain. I use the variation in exposure to this shock across Mexican municipalities as a natural experiment and measure the elasticity of lending to the non-tradable sector to changes in household credit ranging from 1.6-3.5. In the second chapter, I show that the Spanish regulations did not affect lending to Mexican firms by Spanish banks. I use firm-level data to show that firms with multiple bank relationships did not experience a change in loan-terms (in levels and interest rates) of marginal credit offered by Spanish banks vis-a-vis the terms offered by non-Spanish banks. I write a theoretical model that accounts for the asymmetric effect of the Spanish regulations on lending to firms and households based on the relationship rents earned by banks depending upon the proprietary information held by them on a given borrower. In the third chapter, I study the effect of asset bubbles in the presence of financial frictions and heterogeneous projects. I consider an economy with two sectors - a productive, financially constrained sector and an unproductive sector with lower levels of financial constraints. Financial constraints create conditions for the existence of asset bubbles. Asset bubbles, in turn, raise interest rates and lower investment productivity by directing financial resources away from the financially constrained, productive sector to the less constrained, unproductive sector. Such bubbles guide the economy to steady states with low levels of consumption that I call bubbly growth traps.Esta tesis incluye tres capítulos sobre el efecto macroeconómico de la sistema financiera, particularmente de los mercados de crédito. En el primer capítulo, muestro un vínculo causal entre la oferta del crédito a los hogares y la actividad económica usando un shock exógeno a la oferta de crédito a los hogares emitido por bancos Españoles debido a regulaciones marco-prudenciales en España. Uso la variación en la iv v exposición al shock entre municipios mexicanos como un experimento natural y mido la elasticidad del crédito al sector de bienes no comerciables a los cambios en crédito a los hogares entre 1.6-3.5. En el segundo capítulo, muestro que la regulación española no afecto a los préstamos a los negocios mexicanos concedidos por bancos españoles. Uso datos a nivel de empresa para mostrar que los negocios con relaciones comerciales con más de un banco no sufrieron cambios en los términos del préstamo del crédito marginal (en volumen y tipo de interés medio) emitidos por bancos españoles frente a los términos ofrecidos por bancos no españoles. Escribo un modelo teórico que ilustra el efecto asimétrico de las regulaciones españolas sobre los préstamos a las empresas y los hogares basado en la calidad de la información que tiene el banco sobre los diferentes deudores. En el tercer capítulo, estudio el efecto de las burbujas financieras cuando existen proyectos de inversión heterogéneos y limitaciones financieras. Considero una economía con dos sectores – un sector productivo con altas limitaciones financieras y otro sector menos productivo con bajas limitaciones financieras. Las limitaciones financieras crean las condiciones para que existan burbujas financieras. Estas burbujas, a su vez, aumentan los tipos de interés y disminuyen la productividad de las inversiones desviando fondos de los sectores más productivos, sujetos a altas limitaciones financieras, a los sectores menos productivos. Estas burbujas guían la economía a estados estacionarios con niveles bajos de consumo que denomino bubbly growth traps o trampas de crecimiento en la presencia de burbujas.Programa de doctorat en Economia, Finances i EmpresaUniversitat Pompeu FabraVentura, JaumeMartin, AlbertoUniversitat Pompeu Fabra. Departament d'Economia i Empresa201620162016info:eu-repo/semantics/doctoralThesisinfo:eu-repo/semantics/publishedVersion114 p.application/pdfapplication/pdfhttp://hdl.handle.net/10803/398786TDX (Tesis Doctorals en Xarxa)reponame:TDR. Tesis Doctorales en Redinstname:CBUC, CESCAInglésADVERTIMENT. L'accés als continguts d'aquesta tesi doctoral i la seva utilització ha de respectar els drets de la persona autora. Pot ser utilitzada per a consulta o estudi personal, així com en activitats o materials d'investigació i docència en els termes establerts a l'art. 32 del Text Refós de la Llei de Propietat Intel·lectual (RDL 1/1996). Per altres utilitzacions es requereix l'autorització prèvia i expressa de la persona autora. En qualsevol cas, en la utilització dels seus continguts caldrà indicar de forma clara el nom i cognoms de la persona autora i el títol de la tesi doctoral. No s'autoritza la seva reproducció o altres formes d'explotació efectuades amb finalitats de lucre ni la seva comunicació pública des d'un lloc aliè al servei TDX. Tampoc s'autoritza la presentació del seu contingut en una finestra o marc aliè a TDX (framing). Aquesta reserva de drets afecta tant als continguts de la tesi com als seus resums i índexs.info:eu-repo/semantics/openAccessoai:www.tdx.cat:10803/3987862026-06-14T12:46:07Z |
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15.300724 |