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| 02146cam 2200373zi 4500 |
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| 001 | 9.877096 |
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| 003 | CaOODSP |
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| 005 | 20221107164901 |
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| 006 | m o d f |
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| 007 | cr cn||||||||| |
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| 008 | 190726t20192019onca ob f000 0 eng d |
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| 040 | |aCaOODSP|beng|erda|cCaOODSP |
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| 041 | |aeng|bfre |
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| 043 | |an-cn--- |
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| 086 | 1 |aFB3-5/2019-25E-PDF |
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| 100 | 1 |aSwarbrick, Jonathan M., |eauthor. |
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| 245 | 10|aLending standards, productivity and credit crunches / |cby Jonathan Swarbrick. |
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| 264 | 1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2019. |
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| 264 | 4|c©2019 |
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| 300 | |a1 online resource (iii, 36 pages) : |bcharts (some colour). |
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| 336 | |atext|btxt|2rdacontent |
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| 337 | |acomputer|bc|2rdamedia |
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| 338 | |aonline resource|bcr|2rdacarrier |
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| 490 | 1 |aBank of Canada staff working paper, |x1701-9397 ; |v2019-25 |
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| 500 | |a"July 2019." |
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| 504 | |aIncludes bibliographical references (pages 27-31). |
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| 520 | 3 |a"We propose a macroeconomic model in which adverse selection in investment drives the amplification of macroeconomic fluctuations, in line with prominent roles played by the credit crunch and collapse of the asset-backed security market in the financial crisis. Endogenous lending standards emerge due to an informational asymmetry between borrowers and lenders about the riskiness of borrowers. By using loan approval probability as a screening device, banks ration credit following financial disturbances, generating large endogenous movements in total factor productivity, explaining why productivity often falls during crises. Furthermore, the mechanism implies that financial instability is heightened when interest rates are low"--Abstract, page ii. |
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| 546 | |aIncludes abstracts in English and French. |
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| 692 | 07|2gccst|aCredit |
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| 692 | 07|2gccst|aInterest rates |
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| 692 | 07|2gccst|aProductivity |
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| 710 | 2 |aBank of Canada. |
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| 830 | #0|aStaff working paper (Bank of Canada)|x1701-9397 ;|v2019-25.|w(CaOODSP)9.806221 |
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| 856 | 40|qPDF|s1.52 MB|uhttps://publications.gc.ca/collections/collection_2019/banque-bank-canada/FB3-5-2019-25-eng.pdf |
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