Efecto de las condiciones financieras sobre el desempeño del sector Construcción

Lozano Navarro, Francisco-Javier (2018): Efecto de las condiciones financieras sobre el desempeño del sector Construcción. Published in: Working Papers No. 102 (1 November 2018)

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.

• Item Type: MPRA Paper
• English Title: Effect of financial conditions on the performance of the Construction sector
• Language: Spanish
• Keywords: credit, bank lending survey, housing, real estate, construction
• Subjects: G - Financial Economics > G0 - General; R - Urban, Rural, Regional, Real Estate, and Transportation Economics > R0 - General

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