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Land Reform in the Credit Cycle Framework: The Case of Ukraine

Author

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  • Mykhailo Matvieiev

    (Kyiv School of Economics)

Abstract

In this work I show that land reform can affect business cycle dynamics through the financial accelerator. For this purpose, I employed a conventional framework for Dynamic Stochastic General Equilibrium models with collateral constraints to model the effect of agricultural land reforms. The model was estimated on the basis of Ukrainian data and tested with an impulse response function analysis. I found that the collateralization of agricultural land leads to a quantitatively significant additional loan-to-value shock amplification compared to the case when land cannot be used to secure loans.

Suggested Citation

  • Mykhailo Matvieiev, 2018. "Land Reform in the Credit Cycle Framework: The Case of Ukraine," Visnyk of the National Bank of Ukraine, National Bank of Ukraine, issue 245, pages 4-29.
    • Handle: RePEc:ukb:journl:y:2018:i:245:p:4-29
    DOI: 10.26531/vnbu2018.245.01
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    File URL: https://journal.bank.gov.ua/en/article/2018/245/01
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    References listed on IDEAS

    as
    1. Andrea Gerali & Stefano Neri & Luca Sessa & Federico M. Signoretti, 2010. "Credit and Banking in a DSGE Model of the Euro Area," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(s1), pages 107-141, September.
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    Cited by:

    1. Nataliia Tretiak & Oksana Sakal & Andrii Kovalenko & Slawomir Kalinowski & Valentyna Tretiak & Halyna Shtohryn & Ivan Behal & Marek Klodzinski, 2021. "Land Resources and Land Use Management in Ukraine: Problems of Agreement of the Institutional Structure, Functions and Authorities," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 776-789.

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    More about this item

    Keywords

    credit cycles; land reform; collateral constraints; financial accelerator;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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