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|z 9781451864830
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Goodhart, C.
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|a Default, Credit Growth, and Asset Prices /
|c C. Goodhart, Miguel Segoviano, Boris Hofmann.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2006.
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| 300 |
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|a 1 online resource (43 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper uses a Merton-type estimate of the probability of default (PoD) for the main banks in a sample of Organization for Economic Cooperation and Development and middle-income countries as a proxy for the fragility of their banking systems. Based on theory and stylized facts, the paper explores a range of financial and real variables that explain such PoDs across time. We find property price fluctuations and bank credit to be important explanatory factors. There is two-way interaction between these variables and a clearer relationship when the variables are entered as a deviation from trend. The lag structure between such developments and PoDs is long and varies widely across countries. The paper assesses the implications of these findings for economic policy.
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|a Mode of access: Internet
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|a Hofmann, Boris.
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|a Segoviano, Miguel.
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|a IMF Working Papers; Working Paper ;
|v No. 2006/223
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2006/223/001.2006.issue-223-en.xml
|z IMF e-Library
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