The credit channel literature has made great strides in recent years, however, much of the literature to date has focused largely on the closed economy. Even some of the literatures are in a framework of an open economy, they only concentrate on the fixed or a quasi-fixed exchange rate regime. Therefore, the aim of this paper is to complete the theoretical framework by extending the Bernanke and Blinder model to the case of an open economy under a floating exchange rate regime. We find that the exchange rates puzzle takes place in our model when the influence from credit channels is very significant. We further to compare the credit channel effects under different models. Moreover, we adopt a cointegration analysis to study the credit channel effect, and the empirical evidences show that the credit channels exist in Taiwan for the sample period during November 1991 to January 2005.

The aim of this study is to evaluate the risk-return efficiency of credit policies for managing portfolio credit risk of banking institutions. The focus of the empirical analysis is on the impact of risk pricing and problem loan restructuring on bank risk and returns using a simulation model that represents an operating environment of lenders servicing the Australian farm sector. Insurance theory principles and agency relationships between a borrower and a lender are integrated into the portfolio theory framework. The portfolio theory framework is then couched in terms of the capital budgeting approach to generate a portfolio return distribution function for a particular credit policy regime. Borrowers are segmented by region, industry, loan maturity and credit risk class. Each credit risk class defines risk constraints on which a stochastic simulation model may be developed for credit scoring an average borrower in a portfolio segment. The stochastic simulation method is then used to generate loan security returns for a particular credit policy regime through time with loan return outcomes weighted by the number of borrowers in a segment to give measures of portfolio performance. Stochastic dominance efficiency criteria are used to choose between distributions of NPV of bank returns measured for a number of credit policy alternatives. The findings suggest that banks servicing the Australian farm sector will earn more profit without additional portfolio risk if the maximum limit to which pricing accounts for default risk in loan reviews is positively linked to volatility of gross incomes of farm business borrowers. Importantly, credit-underwriting standards must also be formulated so as to procure farm business borrowers of above average productivity with loans that are fully secured using fixed assets. The results of simulations also suggest that restructuring loans in event of borrower default provide for large benefits compared to a �no restructuring� option.

Zugl.: Tübingen, Univ., Diss., 2006

Thesis (Ph. D.)--Texas State University--San Marcos, 2008. / Vita. Appendices: leaves 145-174. Includes bibliographical references (leaves 175-184). Also available on microfilm.

Zugl.: Saarbrücken, Univ., Diss., 2007 / Includes bibliographical references (p. 257-272) and index.

Thesis (Ph. D.)--Ohio State University, 2008. / Title from first page of PDF file. Includes bibliographical references (p. 114-118).

Thesis (doctoral)--Ruprecht-Karl-Universität Heidelberg. / Includes bibliographical references (p. ix-xxvii).

Thesis (Ph.D.)--University of Waikato, 2008. / Title from PDF cover (viewed May 27, 2008) Includes bibliographical references (p. 313-326)

Thesis (Ph. D.)--Ohio State University, 2004. / Title from first page of PDF file. Document formatted into pages; contains xv, 240 p.; also includes graphics. Includes bibliographical references (p. 226-240).

Thesis (M.B.A.)--University of Hong Kong, 1992.