The authors study how contagion affects bank lending spreads and fluctuations in output in Argentina. They analyze what determines bank lending spreads when verification and enforcement costs for loan contracts are high. They present estimates of a vector auto-regression model that relates bank lending spreads, the cyclical component of output, the real bank lending rate, and the spread in external interest rates. Using generalized impulse response...
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INFORMATION
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1999/09/30
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Document de travail de recherche sur les politiques
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WPS2186
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1
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1
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2010/07/01
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Disclosed
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Contagion, bank lending spreads, and output fluctuations
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impulse response