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Efecto de las condiciones financieras sobre el desempeño del sector Construcción
[Effect of financial conditions on the performance of the Construction sector]

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  • Lozano Navarro, Francisco-Javier

Abstract

The credit channel mechanism of monetary policy describes how a central bank’s policy changes affect the credit strategies of private banks. This has a direct effect on the amount of credit that banks issue to firms and consumers, which in turn affects the aggregated demand, employment and inflation. This paper tests the hypothesis that financial conditions relative to the construction sector, according to the Senior Loan Officers Survey, are capable of foreseeing changes in sectoral activity. Indeed, as shown in several international studies, supply and demand standards for mortgages, real-estate and construction credits have predictive power over credit changes, sectoral activity and housing supply and demand.

Suggested Citation

  • Lozano Navarro, Francisco-Javier, 2018. "Efecto de las condiciones financieras sobre el desempeño del sector Construcción [Effect of financial conditions on the performance of the Construction sector]," MPRA Paper 118261, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:118261
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    References listed on IDEAS

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    More about this item

    Keywords

    credit; bank lending survey; housing; real estate; construction;
    All these keywords.

    JEL classification:

    • G0 - Financial Economics - - General
    • R0 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General

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