TAILIEUCHUNG - BANK LENDING AND INTEREST RATE CHANGES IN A DYNAMIC MATCHING MODEL

Nongovernmental organizations, though, reach more borrowers in total. The third column shows that nongovernmental organizations can claim about one-half of the 18 million customers in this data set, with banks claiming one-quarter. Donors at large aid agencies have pushed hard to encourage the commercialization of microfinance, but the evidence here suggests that nonprofit microfinance agencies still matter in a big way. That impression is reinforced in the data of Gonzalez and Rosenberg (2006), which shows that nongovernmental organizations served one-quarter of the 94 million borrowers seen in 2004, with self-help groups serving another 29 percent. (Self-help. | IMF Working Paper 1998 International Monetary Fund This is a Working Paper and the author s would welcome any comments on the present text. Citations should refer to a Working Paper of the International Monetary Fund. The views expressed are those of the author s and do not necessarily represent those of the Fund. WP 98 93 INTERNATIONAL MONETARY FUND Research Department Bank Lending and Interest Rate Changes in a Dynamic Matching Model Prepared by Giovanni Dell Ariccia and Pietro Garibaldi1 Authorized for distribution by Donald Mathieson and Eduardo Borensztein June 1998 Abstract This paper presents theory and evidence on the dynamic relationship between aggregate bank lending and interest rate changes. Theoretically it proposes and solves a stochastic matching model where credit expansion and contraction are time consuming. It shows that the response of bank lending to changes in money market rates is likely to be asymmetric and depends crucially on two structural parameters the speed at which new loans become available and the speed at which banks recall existing loans. Empirically it provides evidence that bank lending in Mexico and the United States responds asymmetrically to positive and negative shocks in money market rates. JEL Classification Numbers E44 G21 Keywords Bank Lending Monetary Transmission Mechanism Matching Models Authors E-Mail Address gdellariccia@ pgaribaldi@ We benefited from comments and suggestions of Fabio Bagliano Eduardo Borensztein Luis Cubeddu Ilan Goldfajn Vincent Hogan Sunil Sharma and seminar participants at the IMF. We are particularly indebted to Robert Marquez Michael Mussa and Miguel Savastano. Address for correspondence Giovanni Dell Ariccia or Pietro Garibaldi International Monetary Fund 700 19th Street . Washington . -2- Contents Page Summary .4 I. II. Description of the III. The Model Steady State .10 IV. Stochastic Shock to the Money A. TheModel . 15 B. The Aggregate .

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