| Description |
1 online resource (21 pages) |
| Series |
IMF working paper ; WP/11/285 |
|
IMF working paper ; WP/11/285.
|
| Contents |
Cover; Contents; I. Introduction; II. The Model of a Non-Financial Sector; A. Households; B. Companies; C. Banks; D. Equilibrium; E. The Role of the Exchange Rate; F. The Effects of Credit Subsidies; III. The Rest of the Economy; IV. Calibration and Simulation for Serbia; A. Credit Subsidy Schemes; B. Model Calibration; Tables; 1. Descriptive Statistics; C. Model's Fit; 2. Model's Fit; D. Subsidy Scheme Simulations; 3. Policy Simulations, the year 2009; V. Concluding Remarks; References |
| Summary |
Emerging markets are particularly vulnerable to boom-bust credit cycles, due to excessive capital flows, shallow equity markets, and companies' high leverage and open FX positions. While the policy debate on how to respond to boom-bust credit cycles remains unsettled, it has been conjectured that credit subsidies may provide a particularly effective policy tool to counter a credit bust. This paper reports on a rare policy experiment where credit subsidies were used to buffer the impact of the global financial crisis on Serbia in 2009. Model simulations suggest that credit subsidies in Serbia helped to mitigate the slump in output |
| Notes |
At head of title: Western Hemisphere Department |
|
Title from PDF title page (IMF Web site, viewed December 8, 2011) |
|
"December 2011." |
| Bibliography |
Includes bibliographical references |
| Subject |
Credit -- Serbia -- Econometric models
|
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Business cycles -- Serbia -- Econometric models
|
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Subsidies -- Serbia -- Econometric models
|
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Business cycles -- Econometric models
|
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Credit -- Econometric models
|
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Subsidies -- Econometric models
|
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Serbia
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| Form |
Electronic book
|
| Author |
International Monetary Fund. Western Hemisphere Department, issuing body.
|
| ISBN |
1283565811 |
|
9781283565813 |
|
9781463992781 |
|
1463992785 |
|
9781463927196 |
|
1463927193 |
|
