In America, Britain and Australia, the ease of borrowing and the availability of housing-equity withdrawal have played a big role in translating gains in house prices into spending.
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I think this underestimates the role that credit conditions (the cost and availability of borrowing facilities), which are largely determined by the Fed, play in today's world.
By lowering the cost of borrowing and limiting the availability of safe investments, the central bank is both pushing and pulling investors to take larger risks.
It's unclear whether banks have the cash to meet the collateral calls, and what impact these actions will have on the banks' cost and availability of borrowing.
"Easy money" policies on the part of the central bank, whereby the cost of borrowed funds and their availability are indirectly regulated in such a way as to encourage business borrowing, may lead to higher levels of real investment.
At that meeting, policy makers held rates steady because "American businesses and consumers were facing elevated borrowing costs and reduced credit availability".
In Asia, too, the withdrawal of European banks is likely to drive up borrowing costs and restrict the availability of credit, according to analysts at Morgan Stanley, an investment bank.Yet unless funding markets reopen, even aggressive deleveraging by banks will probably not allow them to shrink their balance sheets quickly enough.This suggests a need for more action by central banks.
The continued availability of low-cost borrowing and bulging war chests of investor capital has underpinned ever-bigger deals, including Silver Lake and Michael S. Dell's $24.4 billion bid to take Dell Inc. private.
Unlike traditional systems models that borrow parameters from the literature, the availability of rich experimental data enabled us to estimate most of the systems parameters.
The BBA said the increased borrowing was a sign of "improved credit availability and stronger household finances".
