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Optimal Financial Market Integration and Security Design
Acharya, Viral V; Bisin, Alberto - C.E.P.R. Discussion Papers - 2003
We study two-period pure-exchange Capital Asset Pricing Model (CAPM) economies, for given degrees of incompleteness of financial markets and given degrees of restricted participation of agents in the markets. We characterize the optimal financial market structure of this economy, as well as...
Persistent link: https://www.econbiz.de/10005792424
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Lending relationships and credit rationing: the impact of securitization
Carbó Valverde, Santiago; Degryse, Hans; … - C.E.P.R. Discussion Papers - 2012
Banks have been heavily involved in securitization. We study whether the involvedness of a firm’s main bank into … different types of securitization activity -- asset backed securities (ABS) and covered bonds -- influences credit supply before … and during the 2007-8 financial crisis. Both types of securitization allow the bank to generate liquidity. To the extent …
Persistent link: https://www.econbiz.de/10011084511