Showing 1 - 10 of 120
Abstract: Shocks to bank lending, risk-taking and securitization activities that are orthogonal to real economy and monetary policy innovations account for more than 30 percent of U.S. output variation. The dynamic effects, however, depend on the type of shock. Expansionary securitization shocks...
Persistent link: https://www.econbiz.de/10011091756
This paper explores financial stability policies for the shadow banking system. I tie policy options to economic mechanisms for shadow banking that have been documented in the literature. I then illustrate the role of shadow bank policies using three examples: agency mortgage real estate...
Persistent link: https://www.econbiz.de/10010751388
This paper constructs a macro-finance model with two types of borrowers: entrepreneurs who engage in productive activities and gamblers who play in lotteries. It links a central bank's interest rate policy to expected cash ows of both types of borrowers. Via this link we study how the...
Persistent link: https://www.econbiz.de/10011090362
Abstract: We analyze the impact of the countercyclical capital buffers held by banks on the supply of credit to firms … suggest that countercyclical capital buffers help smooth credit supply cycles and in bad times have positive effects on firm … credit availability, assets, employment and survival. Our findings therefore hold important implications for theory and …
Persistent link: https://www.econbiz.de/10011091652
Persistent link: https://www.econbiz.de/10011092640
faster credit growth. We also find that the entry of new lenders contributed to the decline in lending standards. The results … on asymmetric information, and shed light on the relationship between credit booms and financial instability. …
Persistent link: https://www.econbiz.de/10011092670
Remarks at the Workshop on the Risks of Wholesale Funding, Federal Reserve Bank of New York, New York City.
Persistent link: https://www.econbiz.de/10010890130
Banks’ leverage choices represent a delicate balancing act. Credit discipline argues for more leverage, while balance …
Persistent link: https://www.econbiz.de/10009001769
-shaped in country credit risk and increase with the time to import of a destination market. The extent to which trading partners … with intermediate levels of credit risk, which rely the most on bank guarantees, bank trade finance adjusts the least. We …
Persistent link: https://www.econbiz.de/10010699379
Remarks at the Securities Industry and Financial Markets Association and Pension Real Estate Association's Public-Private Investment Program Summit, New York City.
Persistent link: https://www.econbiz.de/10010724933