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Money, credit, monetary policy, and the business cycle in the euro area : what has changed since the crisis?
Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - 2019
This paper studies the relationship between the business cycle and financial intermediation in the euro area. We establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis. Long-term interest rates have been exceptionally high and...
Persistent link: https://www.econbiz.de/10012000041
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Money, credit, monetary policy and the business cycle in the euro area : what has changed since the crisis?
Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - 2019
This paper studies the relationship between the business cycle and financial intermediation in the euro area. We establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis. Long-term interest rates have been exceptionally high and...
Persistent link: https://www.econbiz.de/10011959310
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Credit standards and capital allocation in a low interest rate environment
Andersen, Svend Greniman; Kuchler, Andreas - 2016
Using firm-level data from surveys and financial statements, this paper presents an analysis of credit standards, capital allocation and financial conditions of non-financial enterprises in Denmark since the beginning of the financial crisis. The analysis indicates that low interest rates and...
Persistent link: https://www.econbiz.de/10011489436
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Credit Fluctuations and 'Neglected Crash Risk' in U.S. Bank Returns
Mihai, Marius - 2019
Using U.S. quarterly data from 1960, the paper studies the interaction between bank stock returns and aggregate credit … fluctuations on a set of economic dimensions. First, I investigate the source of "Neglected Crash Risk" in U.S. bank returns using … bank stock returns by 5%, and their dividend growth by almost 6% over the following year. This variable embeds important …
Persistent link: https://www.econbiz.de/10012861958
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Nonbanks, banks, and monetary policy : U.S. loan-level evidence since the 1990s
Elliott, David; Meisenzahl, Ralf R.; Peydró, José-Luis; … - 2020
-regulated, more fragile nonbanks. The bank-to-nonbank shift largely neutralizes total credit and associated consumption effects for …
Persistent link: https://www.econbiz.de/10012425891
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Nonbanks, banks, and monetary policy : U.S. loan-level evidence since the 1990s
Elliott, David; Meisenzahl, Ralf R.; Peydró, José-Luis; … - 2022
We show that nonbanks (funds, shadow banks, fintech) affect the transmission of monetary policy to output, prices and the distribution of risk via credit supply. For identification, we exploit exhaustive US loan-level data since the 1990s, borrowerlender relationships and Gertler-Karadi monetary...
Persistent link: https://www.econbiz.de/10013259697
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Financial factors in economic fluctuations
Christiano, Lawrence J.; Motto, Roberto; Rostagno, Massimo - 2010
We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial...
Persistent link: https://www.econbiz.de/10003973320
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Individual credit market experience and perception of aggregate bank lending : evidence from a firm survey
Fidrmuc, Jarko; Hainz, Christa; Hölzl, Werner - 2018
We show that firms' credit market experience determines their perception of aggregate bank lending policy using panel …
Persistent link: https://www.econbiz.de/10011952623
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Does greater inequality lead to more household borrowing? : new evidence from household data
Coibion, Olivier; Gorodnichenko, Yuriy; Kudlyak, Marianna; … - 2014
One suggested hypothesis for the dramatic rise in household borrowing that preceded the financial crisis is that low-income households increased their demand for credit to finance higher consumption expenditures in order to "keep up" with higherincome households. Using household level data on...
Persistent link: https://www.econbiz.de/10010238213
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Nice to be on the A-List
Hamao, Yasushi; Kutsuna, Kenji; Peek, Joe - 2012 - This version: September 28, 2012
availability by including a set of unlisted firms (which are the firms most likely to be bank dependent) in the analysis, and by … data on ownership by banks are available, a higher concentration of ownership of the firm by either the main bank or the … firm's top three lenders increases the likelihood of the firm obtaining increased loans, suggesting that bank ownership of …
Persistent link: https://www.econbiz.de/10009665488