The Loan Puzzle. A Study of Loans to Different Groups in the USA

Cafiso, Gianluca

doi:10.2139/ssrn.3564880

Cited by 2 publications

(3 citation statements)

References 23 publications

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“…Other contributions in this branch of literature includes two lags when using quarterly data in log-levels(Hristov et al, 2012;Gambetti and Musso, 2017;Cafiso, 2020), we therefore opted for one lag only because we use first differences. The robustness checks discussed below show that inclusion of two lags does not change the results.© 2021 The Author.…”

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confidence: 99%

“…Indeed, it is hard to imagine a combination of signs effective to disentangle loan-to-households supply shocks from, for instance, loan-to-firms supply shocks. It would be necessary to add supplementary variables to the VAR that respond significantly and in an opposite direction to a shock to the two different groups of loans.3 In the literature about the credit channel of monetary policy, credit works more as a financial accelerator in propagating other shocks to the macro-economy(Cafiso, 2020).4 Coletta, De Bonis and Piermattei (2014),Christelis, Ehrmann and Georgarakos (2015) and Sufi (2015) define a relationship with the country of residence.,Bunn et al (2017) assert the same too: agents respond differently and that depends on the country they reside in to some extent.© 2021 The Author. Oxford Bulletin of Economics and Statistics published by Oxford University and John Wiley & Sons Ltd.…”

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confidence: 99%

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Loans to Different Groups and Economic Activity at Times of Crisis and Growth*

Cafiso

2021

Oxf Bull Econ Stat

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We study the contribution of loans, granted to different borrower groups, to economic activity in the United States over the period 1971q1-2018q4. In general, loans to households emerge as the most important driver of economic activity when compared to other borrower groups. Meanwhile, for loans in terms of scope, consumer credit has a prime role. Deep economic recessions occurred during the period considered, we focus on the recent global financial crisis (GFC) to reveal the role of the credit crunch. The analysis confirms that loans had a large negative effect during the GFC when compared to other concurrent shocks. Furthermore, a comparison with other periods in post-war US history points to the specific role that loans played in this last crisis. The results are delivered through a historical decomposition analysis based on the estimation of a large VAR through Bayesian techniques.

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Loans to Different Groups and Economic Activity at Times of Crisis and Growth*

Cafiso

2021

Oxf Bull Econ Stat

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“…On the other hand, the US consumer price index is one of the most important values for measuring economic temperature both at the US and global levels, as it is a determining and systemic index at the global level (Konny 2020). In this sense, it is important to know how this index affects the different variables within the business economic cycle (Cafiso 2020), so it can be a determinant of the volume and value of the market share of private labels. For all the above reasons, the increase in the price of certain goods and services may lead to a behavior of consumers who are more likely to opt for lower-priced products, to which they have easy access.…”

Section: The Impact Of the Consumer Price Index (Cpi) On Private Labelsmentioning

confidence: 99%

Private Label and Macroeconomic Indicators: Europe and USA

Gil‐Cordero

Cataluña

Sigüenza-Morales

2020

Administrative Sciences

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In this study, we have analyzed the impact and evolution of some of the most important macroeconomic indices on the market share and value of private brands. The originality and objective of this work is the linkage of macroeconomic variables in European countries and the USA with the evolution of private labels in these countries. A sample of 19 European countries and all states within the USA has been collected over a 10-year period, including data on private labels and macroeconomic indices. The analysis of the panel data has been applied using the SPSS software through the Ljung–Box test. The most significant data from the sample study is that for GDP; we advised national brand managers to make a special communication effort in nations that offer a lower GDP within Europe for their volume and in value for the US. On the other hand, it was found that when the unemployment rate increases, the value of private label market share decreases for the US, but increases for Europe, in addition to other findings that will help organizations make different business decisions.

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The Loan Puzzle. A Study of Loans to Different Groups in the USA

Cited by 2 publications

References 23 publications

Loans to Different Groups and Economic Activity at Times of Crisis and Growth*

Loans to Different Groups and Economic Activity at Times of Crisis and Growth*

Private Label and Macroeconomic Indicators: Europe and USA

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