Monetary Transmission and Bank Lending in Portugal: A Sectoral Approach

This paper investigates the role of bank lending in the monetary transmission process in Portugal. We estimate a small sectoral VAR model of the Portuguese macroeconomy. This model is then used to simulate the effects of an exogenous monetary policy shock upon asset prices, bank balance sheet variables and final target variables (activity and prices), for the personal and corporate sectors. Significant sectoral differences are found among the channels of monetary transmission. In addition, the use of sectoral data facilitates the identification of distinct money and credit channels in the transmission of monetary policy. These results contrast with the ambiguous findings on the roles of money and credit in the literature to date. Our study suggests that there is a bank-lending channel in Portugal.Credit channel; bank lending; and monetary transmission

A admissibilidade teórica do canal do crédito bancário

Com o presente artigo procurou-se fazer uma análise da admissibilidade teórica do canal do crédito bancário.Canal do crédito bancário

O canal do crédito, o sobreendividamento e as crises económicas

Recorremos à teoria do canal do crédito para avaliar a integração de uma pequena economia, com instabilidade nominal, numa união monetária desenhada para garantir um elevado nível de estabilidade monetária. Conclui-se que o choque estrutural da integração na união monetária pode conduzir ao sobreendividamento e a uma recessão prolongada.Canal do crédito, canal do crédito bancário, canal do balanço, sobreendividamento,crises económicas e união monetária

Taxas de juro nominais e endividamento: perspectivas para a economia portuguesa

Neste artigo procurou-se aferir a importância das taxas de juro nominais na determinação do nível de endividamento dos agentes económicos. Começamos por analisar a relação entre a estabilidade monetária e o endividamento. Analisamos as consequências macroeconómicas do endividamento. Expomos a dinâmica do endividamento. Finalizamos o artigo com uma aplicação econométrica à economia portuguesa, em que analisamos a não estacionaridade das séries recorrendo a seis tipos diferentes de testes de raízes unitárias; e em obtivemos uma relação de cointegração entre o inverso da taxa de juro overnight e o crédito internoTaxas de juro nominais, endividamento, canal do crédito e estabilidade monetária

A admissibilidade teórica do canal do balanço

Com o presente artigo procurou-se fazer uma análise da admissibilidade teórica do canal do balanço.Canal do balanço

The Negative Impact of Renewable Energy Consumption on Carbon Dioxide Emissions: An empirical evidence from South American Countries

The impact of renewable energy consumption on the carbon dioxide emissions was analyzed for a panel of ten South American countries in a period from 1980 to 2012. The Autoregressive r to decompose the total effect of renewable energy consumption on the carbon dioxide emissions in its short- and long-run components. The results indicate that the consumption of renewable energy reduce the carbon dioxide emissions in -0.0420 % when the consumption of alternative sources increases in 1% in short-run. Keywords: Renewable energy, environmental, energy economics, econometric.

ON THE MACROECONOMIC DETERMINANTS OF CREDIT DELINQUENCIES IN THE USA

This investigation focuses on studying the impact of unemployment and income on debt delinquency. Auto loans, credit cards, mortgages, and student loans were used in the United States of America (USA) to perform this analysis. A panel data was used in the District of Columbia and the 50 states of the USA with annual data from 2003 to 2019. In addition, a panel ARDL model was used for each type of loan. The study's innovation is researching the spread of unemployment to study the effect of unemployment on debt delinquency. The major findings of this research are trifold, (i) the determinants of the delinquency and default rate revealed only to share a limited number of determinants, (ii) the delinquency and default rate vary in complexity, and (iii) there is evidence that debtor's arbitrage between credits if they have to enter in default. Most determinants have opposite impacts on the delinquency and default of borrowers. This fact means that policymakers must use a mix of instruments to minimize the delinquency end default globally. Policymakers also have to be aware of temporal inconsistencies, with short- and long-run contrary signs.This investigation focuses on studying the impact of unemployment and income on debt delinquency. Auto loans, credit cards, mortgages, and student loans were used in the United States of America (USA) to perform this analysis. Panel data was used in the District of Columbia and the 50 states of the USA, with annual data from 2003 to 2019. In addition, a panel ARDL model was used for each type of loan. The study's innovation is researching the spread of unemployment to study the effect of unemployment on debt delinquency. The major findings of this research are trifold, (i) the determinants of the delinquency and default rate revealed only to share a limited number of determinants, (ii) the delinquency and default rate vary in complexity, and (iii) there is evidence that debtors arbitrage between credits if they have to enter in default. Most determinants have opposite impacts on the delinquency and default of borrowers. This fact means that policymakers must use a mix of instruments to minimize the delinquency end default globally. Policymakers also have to be aware of temporal inconsistencies, with short- and long-run contrary signs

Os canais de transmissão da política monetária

Com o presente artigo procurou-se fazer uma súmula dos principais canais de transmissão da política monetária. São discutidas as implicações da presença dos canais de transmissão na condução da política monetária pelo banco central. Palavras chave: Canais de transmissão monetária, política monetária.Canais de transmissão monetária, política monetária

The Reaction of the Consumption of Fossil Fuels to Trade Openness in Latin America & the Caribbean Countries

This article investigates the impact of trade openness and renewable energy on the consumption of fossil fuels for a panel of fourteen LAC countries over the period from 1990 to 2014. To this end, a PARDL model in unrestricted error-correction form is estimated, and robustness checks are performed by estimating a PNARDL model. The results of the PARDL model point indicate that the impact of economic growth and elasticity of trade openness are statistically significant at the 1% level and contribute to increased consumption of fossil fuels in the LAC countries. However, the impact and elasticity of consumption of renewable energy are statistically significant at 1% and 5% levels and thus contribute to decreasing consumption of fossil fuels. Nevertheless, the asymmetry of the impact of consumption of renewable energy and its elasticity decrease the consumption of fossil fuels. Therefore, the positive impact of trade openness on the consumption of fossil fuels suggests that the process of globalisation by trade liberalisation in the LAC countries is not sufficient to bring more investment that encourages R&D in energy efficiency technologies, and equipment that reduces the consumption of energy from non-renewable energy sources by households and firms

Exploring the causality between economic growth, financial development and inflation in sixteen high-income countries

This paper examined the relationship between economic growth, inflation, stock market development, and banking sector development for a panel of sixteen high-income countries for the period from 2001 to 2016, by using the mechanism impulse response functions and Granger causality tests derived from a panel vector autoregressive model. The evidence of bidirectional causality between all variables in the model was found. Overall, feedback and supply-leading theories have been confirmed in the literature. A plus sign in the relationship between the development of the banking sector and the stock market with economic growth was found. Therefore, stock market development and banking sector development stimulate the economy