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dc.contributor.authorJansen, Eilev S.en_US
dc.contributor.authorKrogh, Tord S. H.en_US
dc.date.accessioned2011-07-01T08:43:46Z-
dc.date.available2011-07-01T08:43:46Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/47346-
dc.description.abstractThe interaction between financial markets and the macroeconomy can be strongly affected by changes in credit market regulations. In order to take account of these effects we control explicitly for regime shifts in a system of debt equations for Norway using a common, flexible trend. The estimated shape of the trend matches the qualitative development in the regulations, and we argue that it can be viewed as a measure of relative credit availability, or credit conditions, for the period 1975-2008 - a credit conditions index (CCI). This entails years of strict credit market regulations in the 1970s, its gradual deregulation in the 1980s, followed by a full-blown banking crisis in the years around 1990 and the development thereafter up to the advent of the current financial crisis. Our study is inspired by Fernandez-Corugedo and Muellbauer (2006), which introduced the methodology and provided estimates of a CCI for the UK. The trend conditions on a priori knowledge about changes in the Norwegian regulatory system, as documented in Krogh (2010b), and it shows robustness when estimated recursively.en_US
dc.language.isoengen_US
dc.publisherDep. of Economics, Univ. of Oslo Osloen_US
dc.relation.ispartofseriesMemorandum // Department of Economics, University of Oslo 2011,10en_US
dc.subject.jelE44en_US
dc.subject.jelG21en_US
dc.subject.jelG28en_US
dc.subject.ddc330en_US
dc.subject.keywordcredit conditionsen_US
dc.subject.keywordflexible trenden_US
dc.subject.keywordfinancial deregulationen_US
dc.subject.keywordhousehold loansen_US
dc.subject.stwVerbraucherkrediten_US
dc.subject.stwKreditgeschäften_US
dc.subject.stwKonditionenen_US
dc.subject.stwKreditwürdigkeiten_US
dc.subject.stwNorwegenen_US
dc.titleCredit conditions indices: Controlling for regime shifts in the Norwegian credit marketen_US
dc.typeWorking Paperen_US
dc.identifier.ppn655555633en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Memorandum, Department of Economics, University of Oslo

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