The Determinants of Commercial Banks’ Lending Behavior: Some Evidence for Greece

Autor: Aristotelis Spiliotis, Yannis Panagopoulos
Rok vydání: 1998
Předmět:
Zdroj: Journal of Post Keynesian Economics. 20:649-672
ISSN: 1557-7821
0160-3477
Popis: In the Walrasian general equilibrium framework, there is no room for money-that is, money is neutral. Money can appear only as the result of the injection of some high-powered money by the monetary authorities and/or because some economic units (usually households) intend to modify their portfolios. Money is predominantly seen as an asset, as a stock, that can be augmented or reduced according to those households. It is held by households, despite its low or nonexistent yield, because of its usefulness in exchanging goods already produced. Neoclassical and monetary theorists emphasize this portfolio approach because it sets money in the usual neoclassical static framework.' Within this framework, most of the previous studies on commercial bank lending behavior have been based on the portfolio-modeling approach. Banks are assumed to behave as utility maximizers. Portfolio models were originally constructed by trying to determine the behavior of risk-averse wealth owners as price takers in competitive markets. These kinds of models have been developed within the Tobin and Brainard (1967) portfolio framework. Bank loans are considered a "negative asset" in the company sector's portfolio. Standard theoretical models predict that the desired stock of financial assets depends on wealth, income, and the vector of relevant yields (consisting of the interest return and expected capital gains). This study, however, conceptually at least, takes a quite different
Databáze: OpenAIRE
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