2014年消费信贷外文翻译--金融自由化时代的消费信贷--对被压抑需求的过度反应

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1、6500 英文单词， 3.5 万英文字符 ， 中文 10500 字 文献出处： Brissimis S N, Garganas E N, Hall S G. Consumer credit in an era of financial liberalization: an overreaction to repressed demand?J. Applied Economics, 2014, 46(2): 139-152. Consumer credit in an era of financial liberalization: an overreaction to repressed de

2、mand? Sophocles N. Brissimis, Eugenie N. Garganas and Stephen G. Hall In this article, we empirically analyse the factors which determined consumer credit in Greece in the period before and after the nancial liberalization, while accounting for signicant changes in structure due to the lifting of cr

3、edit restrictions and the subsequent impressive boom of consumer loans. We use multivariate cointegration techniques to estimate a vector error correction model (VECM) and identify separate demand and supply relationships for consumer loans. We introduce demand and supply-related shifts in parameter

4、s through the inclusion of appropriate dummy variables and trends in the long-run relationships. We partly deviate from the typical Johansen procedure and estimate the model in two steps. We nd that the theoretical exclusion and coefcient-size restrictions on the demand and supply cointegrating vect

5、ors are valid. Our results are consistent with the operation of a bank lending channel in Greece. We also nd that the supply side was mostly responsible for the acceleration of consumer loan growth following credit liberalization. Keywords: consumer credit; nancial liberalization; cointegration; str

6、uctural breaks I. Introduction The issue of modelling bank credit has been investigated by a signicant body of empirical work which complements the extensive literature that models the behaviour of monetary aggregates. The empirical research devoted to the determination of credit frequently employs cointegration techniques to estimate mainly demand relationships (e.g. Hofmann, 2001; Calza et al., 2003). However, very few studies estimate separate loan demand and loan supply relationshi