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| 01927nam 2200337za 4500 |
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| 001 | 9.849162 |
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| 003 | CaOODSP |
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| 005 | 20221107153842 |
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| 007 | cr ||||||||||| |
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| 008 | 171221s2017 oncd #ob f000 0 eng d |
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| 040 | |aCaOODSP|beng |
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| 041 | |aeng|bfre |
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| 043 | |an-cn--- |
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| 086 | 1 |aFB3-5/2017-57E-PDF |
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| 100 | 1 |aHolden, Tom D. |
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| 245 | 10|aCredit crunches from occasionally binding bank borrowing constraints? |h[electronic resource] / |cby Tom D. Holden, Paul Levine and Jonathan M. Swarbrick. |
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| 260 | |aOttawa : |bBank of Canada, |c2017. |
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| 300 | |aiii, 37 p. : |bgraphs |
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| 490 | 1 |aBank of Canada staff working paper, |x1701-9397 ; |v2017-57 |
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| 500 | |a"December 2017." |
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| 504 | |aIncludes bibliographical references. |
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| 520 | |a"We present a model in which banks and other financial intermediaries face both occasionally binding borrowing constraints and costs of equity issuance. Near the steady state, these intermediaries can raise equity finance at no cost through retained earnings. However, even moderately large shocks cause their borrowing constraints to bind, leading to contractions in credit offered to firms, and requiring the intermediaries to raise further funds by paying the cost to issue equity. This leads to the occasional sharp increases in interest spreads and the countercyclical, positively skewed equity issuance that are characteristic of the credit crunches observed in the data"--Abstract, p. ii. |
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| 546 | |aText in English, abstract in English and French. |
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| 692 | 07|2gccst|aBanks |
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| 692 | 07|2gccst|aCredit |
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| 692 | 07|2gccst|aLoans |
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| 700 | 1 |aLevine, Paul. |
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| 700 | 1 |aSwarbrick, Jonathan M. |
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| 710 | 2 |aBank of Canada. |
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| 830 | #0|aStaff working paper (Bank of Canada)|x1701-9397 ; |v2017-57.|w(CaOODSP)9.806221 |
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| 856 | 40|qPDF|s702 KB|uhttps://publications.gc.ca/collections/collection_2017/banque-bank-canada/FB3-5-2017-57-eng.pdf |
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