Credit demand

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  • Senator Long undoubtedly understood that once a provision is in the tax code, it is likely to remain. Indeed, the EITC remained in the tax code each subsequent year until it was made permanent in 1978. Legislation in 1978 also added a flat range to the EITC’s phase-in and phaseout ranges, as shown in figure 3.1. 5 An “advance payment” option was also added to the credit in 1978, so that workers would be able, if they desired, to receive the credit incrementally throughout the year. Spending on the safety net slowed in the late 1970s and shrank in the 1980s.

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  • Dobrinsky et al. (2001) conjecture that some specific types of soft budget constraints in a transitional environment may emerge as a result of distortions in incentive structures. In particular, distorted incentives may have an effect both on the determinants of credit supply and credit demand. 2 In turn, incentive structures are a reflection of the institutional environment and the conduct of economic policy in the broader sense. Consequently, policy reforms and policy shocks can be expected to affect the determinants of credit flows both on the supply and the demand side.

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  • The paper seeks to assess how a major policy regime change – such as the introduction of the currency board in Bulgaria – affects the flow of bank credit to the corporate sector. An attempt is made to identify the determinants of corporate credit separately from the viewpoint of lenders and borrowers. The estimated credit supply and credit demand equations provide empirical evidence of important changes in microeconomic behavioral patterns which can be associated with the policy regime change.

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  • In this case, similarly to credit supply, we also use the lagged value of Ci but in this case it is intended to capture habit persistence in credit demand. Admittedly, in this case the reverse causality issue cannot be fully eliminated. YDi, IDi and IvDi are activity variables which seek to reflect the effect on demand for external finance of a general expansion of business activity and/or investment activity.

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  • The specification of the credit demand equation is based on a generally defined money demand function extended with in accordance with the conceptual approach outlined above. The demand for credit in general, as a form of money demand, can be assumed to depend on two main variables: the income or activity level and the cost of credit. In accordance with the discussion in section 2.1, we augment this basic specification with variables mirroring the adjustments in the firms’ balance sheets as well as such related to the specifics of this type of financial flows. ...

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  • Demand depends on two factors demand transaction from dn and households, the interest rate impact on demand. and the demand for assets. money supply based on: + annual growth rate of kt + the cost of goods index (inflation) + budget deficit + deficit of the balance of international payment + credit channel (discount) budget + channels (government loans and loan) + central bank released the money to buy foreign currency reserves.

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  • In the last decade rating-based models have become very popular in credit risk management. These systems use the rating of a company as the decisive variable to evaluate the default risk of a bond or loan. The popularity is due to the straightforwardness of the approach, and to the upcoming new capital accord (Basel II), which allows banks to base their capital requirements on internal as well as external rating systems.

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  • On September 15, 2008, Lehman Brothers, the fourth-largest U.S. investment bank, filed for bankruptcy, marking the largest bankruptcy in U.S. history and the burst of the U.S. subprime mortgage crisis. Concerns about the soundness of U.S. credit and financial markets led to tightened global credit markets around the world. Spreads skyrocketed. International trade plummeted by double digits, as figure O.1 illustrates. Banks reportedly could not meet customer demand to finance international trade operations, leaving a trade finance “gap” estimated at around $25 billion.

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  • While prominence in health policy greatly affects the size of the PHI market – in terms of population coverage, contribution to health financing or scope of government interventions – there is no necessary link between the three factors. There are sizeable PHI markets in a range of health systems with diverse mixes of public and private financing. The size of PHI markets may also result from consumer demand for better choice and more comprehensive cover, even where there is little stimulation through policy levers.

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  • To gain a better understanding of the possible role of credit in improving house- hold food security and alleviating poverty in Malawi, in November 1994 the Inter- national Food Policy Research Institute and the Department of Rural Development, Bunda College of Agriculture, University of Malawi, initiated a research program on rural financial markets and household food security in Malawi. The main objective of the research program was to analyze the determinants of access to credit in Malawi and its impact on farm and nonfarm income and on household food security.

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  • We use these theoretical underpinning to specify estimable equations for the supply of and demand for corporate credit. Since theory does not provide clues as to the possible structural forms of these equations we basically rely on reduced forms. Data considerations, in particular, the availability of relevant statistical data, also has played a certain role in the specification of these equations.

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  • CHIlD LABOR IN VIETNAM: THE RELATIVE IMPORTANCE OF POVERTY. RETURNS TO EDUCATION. LABOR MOB ILTTY. AND CREDIT CONSTRAINTS A Model of Tiebout Sorting on Exogenous Community Attributes In this section, I build a formal model of the Tiebout sorting process described above. As my interest is in the demand side of the market under full information, I treat the distribution of school effectiveness as exogenous and known to all market participants.

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  • The Portfolio Review found that social funds projects that respond to emergency situations through the rapid creation of employment oppor- tunities are likely to achieve their objectives. The design of such social funds projects reflects their emergency nature well. The Portfolio Re- view did not, therefore, dwell on this cohort of social funds projects.

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  • The LIBOR is the London Interbank Offered Rate, which is used as a reference rate in loan transactions between banks. The LIBOR floor, introduced in recent years to help enhance bank loan yields in extremely low interest rate environments, is around 1%–2% (note that until LIBOR reaches the “floor” level, bank loan returns do not increase with rising rates). The credit spread is the market-determined spread paid to the investor for taking on the credit risk (historically the normal range has been 3%–8%, depending on the riskiness of a loan).

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  • The strong growth of credit in both cases, however, does not mean that domestic credit was the only source for finance of enterprises. In both cases, retained savings by the enterprises played an important role (in China today, these retained savings are an important factor to explain the high national saving rate). However, it can well be argued that the strong credit creation is a necessary condition for profit growth in an economy: Only if credit creation helps to maintain a high level of aggregate demand, firms will be able to make sufficient profits in the aggregate.

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  • Given that the pool of underutilized labour is large in almost all developing countries (either in the form of open unemployment or in the form of hidden unemployment in both the agricultural and the informal sector), this then leads to an increase in employment in the modern sector which in turn leads to more incomes and savings. The expansion of the production of the modern sector moreover brings about the penetration of modern technology into the economy and hence an increase in productivity and goods supply, also adding to higher incomes.

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  • The so called portfolio approach to credit supply (for an overview see Fase (1995)) starts with the assumption that banks maximize a utility function under a set of balance sheet constraints which allows to derive directly credit supply functions. However, the derivation assumes a perfect financial market while treating the private sector (comprising the corporate and household sectors) as one homogeneous entity. These limitations restrict the use of this model when trying to address the specific issues related to corporate finance in imperfect markets.

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  • Various supply and demand effects may emerge due to the existence of transition- specific market imperfections which feature the economies undergoing transition from plan to market. In particular, corporate financial flows are seriously affected by the existence of “soft budget constraints”. Initially the term soft budget constraints was used by Kornai (1980) to denote paternalistic behavior on the part of the state in the ex-post bailing out of loss-making state-owned enterprises (SOEs) that found themselves in financial distress.

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  • The availability of crop insurance for a particular crop in a particular region is an administrative decision made by USDA. The decision is made on a crop-by-crop and county-by-county basis, based on farmer demand for coverage and the level of risk associated with the crop in the region, among other factors. In areas where a policy is not available, farmers may request that RMA expand the program to their county. The process usually starts with a pilot program in order for RMA to gain experience and test the program components before it becomes more widely available.

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  • This paper analyses the equilibrium level of private credit to GDP in 11 Central and Eastern European (CEE) countries on the basis of a number of dynamic panels containing quarterly data on CEE economies, emerging markets and developed OECD countries. In doing so, we propose a unify- ing framework which includes factors driving both the demand for and the supply of private credit.

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