Publications
Detailed Information
Change of Credit Supply Channel During the 2008 Global Financial Crisis
DC Field | Value | Language |
---|---|---|
dc.contributor.advisor | 김소영 | - |
dc.contributor.author | 김준엽 | - |
dc.date.accessioned | 2017-07-19T12:32:56Z | - |
dc.date.available | 2017-07-19T12:32:56Z | - |
dc.date.issued | 2013-02 | - |
dc.identifier.other | 000000008696 | - |
dc.identifier.uri | https://hdl.handle.net/10371/134568 | - |
dc.description | 학위논문 (석사)-- 서울대학교 대학원 : 경제학부, 2013. 2. 김소영. | - |
dc.description.abstract | This paper elucidates that there exists (weak) substitution relationship between a bank loan (BL) channel and a corporate bond (CB) channel confirmed by analyses of multi-national data. The degree of substitution seems to be higher after the financial crisis. In particular, this counter-cyclicality between the BL and CB appears more clearly under the GDP shock. Two of key results, i) higher level of substitution between BL and CB channel after a macroeconomic impact ii) theconsistent counter-cyclicality between CB and GDP growth rates, provide a policy implication. Thus, if CB markets are developed and controlled efficiently with minimization of detrimental effects caused by default risks, a CB channel would play an important role in funding credits for firms when there is illiquidity in a bank financing channel. | - |
dc.description.tableofcontents | 1. Introduction
2. Data Analysis 2.1. Data Description 2.2. Aggregate Level Analysis 2.2.1. North and South America Group 2.2.2. European Group: Core, PIIGS, and Others 2.2.3. Asia – Pacific Group 2.3. Closer Look through Cross-Correlation Estimation, Multivariate Regression, and Granger Causality Test 2.3.1. Cross - Correlation Estimation 2.3.2. Regression Analysis 2.3.3. Granger Causality Test 2.4. Results and Discussion 3. Vector Autoregression (VAR) Model 3.1. VAR Model 3.2. Impulse - Response Analysis 4. Conclusion References APPENDIX I APPENDIX II APPENDIX III | - |
dc.format | application/pdf | - |
dc.format.extent | 1334540 bytes | - |
dc.format.medium | application/pdf | - |
dc.language.iso | en | - |
dc.publisher | 서울대학교 대학원 | - |
dc.subject | Credit Financing Channel | - |
dc.subject | Bank Loan | - |
dc.subject | Corporate Bond | - |
dc.subject | Substitution Relationship | - |
dc.subject | Global Financial Crisis | - |
dc.title | Change of Credit Supply Channel During the 2008 Global Financial Crisis | - |
dc.type | Thesis | - |
dc.contributor.AlternativeAuthor | Junyup Kim | - |
dc.description.degree | Master | - |
dc.citation.pages | 95 | - |
dc.contributor.affiliation | 사회과학대학 경제학부 | - |
dc.date.awarded | 2013-02 | - |
- Appears in Collections:
- Files in This Item:
Item View & Download Count
Items in S-Space are protected by copyright, with all rights reserved, unless otherwise indicated.