Efecto de las condiciones financieras sobre el desempeño del sector Construcción

Effect of financial conditions on the performance of the Construction sector

Francisco-Javier Lozano Navarro

MPRA Paper from University Library of Munich, Germany

Abstract: The credit channel mechanism of monetary policy describes how a central bank’s policy changes affect the credit strategies of private banks. This has a direct effect on the amount of credit that banks issue to firms and consumers, which in turn affects the aggregated demand, employment and inflation. This paper tests the hypothesis that financial conditions relative to the construction sector, according to the Senior Loan Officers Survey, are capable of foreseeing changes in sectoral activity. Indeed, as shown in several international studies, supply and demand standards for mortgages, real-estate and construction credits have predictive power over credit changes, sectoral activity and housing supply and demand.

Keywords: credit; bank lending survey; housing; real estate; construction (search for similar items in EconPapers)
JEL-codes: G0 R0 (search for similar items in EconPapers)
Date: 2018-11-01
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:118261

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