Investigating the relationship between the financial and real economy

Bank for International Settlements

No 22 in BIS Papers from Bank for International Settlements

Abstract: The papers in this volume were presented and discussed at the Autumn Central Bank Economists' Meeting held at the BIS in Basel on 9-10 October 2003. The purpose of this meeting was to discuss challenges that central banks have faced in the context of monitoring the performance of the financial sector and the interaction between the health of financial institutions and macroeconomic stability. These challenges can be broadly grouped into three distinct but interrelated themes. The first deals with the influence that financial conditions have on aggregate expenditure and overall economic developments. The second theme reverses the direction and looks at the impact of the macroeconomic environment on the financial health of different economic sectors. Finally, the third theme deals with the evolving nature of the measurement of financial risk both at the micro level of individual economic units and at the macro level of whole sectors or the overall economy.

Date: 2005 Written 2005-04
ISBN: 92-9131-677-6
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (38)

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Chapters in this book:

Investigating the relationship between the financial and real economy , pp 1-4

Kostas Tsatsaronis

Disinflation and the dynamics of mortgage debt , pp 5-20

Luci Ellis

Financial behaviour of Dutch households: analysis of the DNB Household Survey 2003 , pp 21-39

P J A van Els, Jan Willem End and Maarten van Rooij

The impact of financial variables on firms’ real decisions: evidence from Spanish firm-level data , pp 40-63

Ignacio Hernando and Carmen Martínez-Carrascal

Financial constraints and real activity: a non-structural approach using UK survey data , pp 64-80

Ulf von Kalckreuth

A note on the recent behaviour of Japanese banks , pp 82-105

Nobuo Inaba and Takashi Kozu

Non-performing loans and the real economy: Japan’s experience , pp 106-27

Nobuo Inaba, Takashi Kozu, Toshitaka Sekine and Takashi Nagahata

The bank lending channel in Chile , pp 128-45

Rodrigo Alfaro, Carlos García, Alejandro Jara and Helmut Franken

Welfare analysis of non-fundamental asset price and investment shocks: implications for monetary policy , pp 146-65

Frank Smets and Raf Wouters

Productivity, monetary policy and financial indicators , pp 166-76

Arturo Estrella

The term structure as a predictor of real activity and inflation in the euro area: a reassessment , pp 177-92

Jesus Crespo Cuaresma, Ernest Gnan and Doris Ritzberger-Grünwald

Extracting growth and inflation expectations from financial market data , pp 193-205

Lauri Kajanoja

Forecasting aggregate investment in the euro area: do indicators of financial conditions help? , pp 206-27

Marie Diron, Maria Cruz Manzano and Thomas Westermann

Assessing the predictive power of measures of financial conditions for macroeconomic variables , pp 228-52

William English, Kostas Tsatsaronis and Edda Zoli

Linking real activity and financial markets: the first steps towards a small estimated model for Canada , pp 253-72

Céline Gauthier and Fuchun Li

Interactions between business cycles, financial cycles and monetary policy: stylised facts , pp 273-98

Sanvi Avouyi-Dovi and Julien Matheron

Business cycle, credit risk and economic capital determination by commercial banks , pp 299-327

Alexis Derviz and Narcisa Kadlčáková

A simplified credit risk model for supervisory purposes in emerging markets , pp 328-60

Javier Márquez Diez-Canedo

Lending decisions, procyclicality and the New Basel Capital Accord , pp 361-91

Fabrizio Fabi, Sebastiano Laviola and Paolo Marullo Reedtz

Macro stress tests of UK banks , pp 392-408

Glenn Hoggarth, Andrew Logan and Lea Zicchino

Monetary and financial stability in Norway: what can we learn from macroeconomic stress tests? , pp 409-30

Snorre Evjen, Arild J Lund, Kjersti Haare Morka, Kjell Bjørn Nordal and Ingvild Svendsen

Measuring and forecasting stress in the banking sector: evidence from Switzerland , pp 431-49

Elke Hanschel and Pierre Monnin

Sectoral fragility: factors and dynamics , pp 450-80

Ivan Alves

Macroeconomic conditions and banking performance in Hong Kong SAR: a panel data study , pp 481-97

Stefan Gerlach, Wensheng Peng and Chang Shu

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