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|z 9781451871067
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Valencia, Fabian.
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|a Banks' Precautionary Capital and Persistent Credit Crunches /
|c Fabian Valencia.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2008.
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|a 1 online resource (35 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 Periods of banking distress are often followed by sizable and long-lasting contractions in bank credit. They may be explained by a declined demand by financially impaired borrowers (the conventional financial accelerator) or by lower supply by capital-constrained banks, a "credit crunch". This paper develops a bank model to study credit crunches and their real effects. In this model, banks maintain a precautionary level of capital that serves as a smoothing mechanism to avert disruptions in the supply of credit when hit by small shocks. However, for larger shocks, highly persistent credit crunches may arise even when the impulse is a one time, non-serially correlated event. From a policy perspective, the model justifies the use of public funds to recapitalize banks following a significant deterioration in their capital position.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2008/248
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2008/248/001.2008.issue-248-en.xml
|z IMF e-Library
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