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Predatory Short Selling
Brunnermeier, Markus K.; Oehmke, Martin - National Bureau of Economic Research (NBER) - 2013
Financial institutions may be vulnerable to predatory short selling. When the stock of a financial institution is shorted aggressively, leverage constraints imposed by short-term creditors can force the institution to liquidate long-term investments at fire sale prices. For financial...
Persistent link: https://www.econbiz.de/10010699609
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Off the Cliff and Back? Credit Conditions and International Trade during the Global Financial Crisis
Chor, Davin; Manova, Kalina - National Bureau of Economic Research (NBER) - 2010
We study the collapse of international trade flows during the global financial crisis using detailed data on monthly US imports. We show that credit conditions were an important channel through which the crisis affected trade volumes, by exploiting the variation in the cost of capital across...
Persistent link: https://www.econbiz.de/10008619288
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An Autopsy of the U.S. Financial System
Levine, Ross - National Bureau of Economic Research (NBER) - 2010
In this postmortem, I find that the design, implementation, and maintenance of financial policies during the period from 1996 through 2006 were primary causes of the financial system's demise. The evidence is inconsistent with the view that the collapse of the financial system was caused only by...
Persistent link: https://www.econbiz.de/10008624572
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Banks, Market Organization, and Macroeconomic Performance: An Agent-Based Computational Analysis
Howitt, Peter; Ashraf, Quamrul; Gershman, Boris - National Bureau of Economic Research (NBER) - 2011
This paper is an exploratory analysis of the role that banks play in supporting the mechanism of exchange. It considers … helping the economy to approximate equilibrium prices that no individual is able to calculate. Banks affect macroeconomic …-case" scenarios, and shows that micro prudence conflicts with macro stability only in bad times. The analysis also shows that banks …
Persistent link: https://www.econbiz.de/10009652786
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Central Clearing and Collateral Demand
Duffie, Darrell; Scheicher, Martin; Vuillemey, Guillaume - National Bureau of Economic Research (NBER) - 2014
We use an extensive data set of bilateral exposures on credit default swap (CDS) to estimate the impact on collateral demand of new margin and clearing practices and regulations. We decompose collateral demand for both customers and dealers into several key components, including the "velocity...
Persistent link: https://www.econbiz.de/10010951173
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Credit Constraints, Heterogeneous Firms, and International Trade
Manova, Kalina - National Bureau of Economic Research (NBER) - 2008
This paper examines the detrimental consequences of financial market imperfections for international trade. I develop a heterogeneous-firm model with countries at different levels of financial development and sectors of varying financial vulnerability. Applying this model to aggregate trade...
Persistent link: https://www.econbiz.de/10005720470
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Credit, Financial Stability, and the Macroeconomy
Taylor, Alan M. - National Bureau of Economic Research (NBER) - 2015
Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...
Persistent link: https://www.econbiz.de/10011207908
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Incentive Pay and Bank Risk-Taking: Evidence from Austrian, German, and Swiss Banks
Hau, Harald; Efing, Matthias; Kampkötter, Patrick; … - National Bureau of Economic Research (NBER) - 2014
incentive pay in the critical banking segments of treasury/capital market management and investment banking for 66 banks. We …
Persistent link: https://www.econbiz.de/10010969346
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Banks, Liquidity Management and Monetary Policy
Bianchi, Javier; Bigio, Saki - National Bureau of Economic Research (NBER) - 2014
We develop a new framework to study the implementation of monetary policy through the banking system. Banks finance … illiquid loans by issuing deposits. Deposit transfers across banks must be settled using central bank reserves. Transfers are … profiting from lending and incurring greater liquidity risk. We calibrate our model to study quantitatively why banks have …
Persistent link: https://www.econbiz.de/10010950643
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Does Distance Still Matter? The Information Revolution in Small Business Lending
Petersen, Mitchell; Rajan, Raghuram G. - National Bureau of Economic Research (NBER) - 2000
The distance between small firms and their lenders in the United States is increasing. Not only are firms choosing more distant lenders, they are also communicating with them in more impersonal ways. After documenting these systematic changes, we demonstrate that they do not stem from small...
Persistent link: https://www.econbiz.de/10005575227