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The Credit Squeeze During Russia's Early Transition: A Bank-Based View

Schoors, Koen - C.E.P.R. Discussion Papers - 1999

Russia's early transition is characterised by one of the most dramatic credit expansions and inflation experiences in … recent history. As a consequence, Russia has been involved in a protracted inflation stabilisation effort. This paper … transmission might have caused a credit crunch in Russia. To analyse Russia's monetary stance from the point of view of the lending …

Persistent link: https://www.econbiz.de/10005136506

Firm Default and Aggregate Fluctuations

Jacobson, Tor; Kindell, Rikard; Lindé, Jesper; … - C.E.P.R. Discussion Papers - 2008

This paper studies the relation between macroeconomic fluctuations and corporate defaults while conditioning on industry affiliation and an extensive set of firm-specific factors. Using a multiperiod logit approach on a panel data set for all incorporated Swedish businesses over 1990-2002, we...

Persistent link: https://www.econbiz.de/10005504257

Multiple Versus Single Banking Relationships

Detragiache, Enrica; Garella, Paolo; Guiso, Luigi - C.E.P.R. Discussion Papers - 1997

‘lemons’ problem is severe, it is optimal to establish a relationship with more than one bank in spite of higher transaction … concludes with a comparison of bank-firm relationships in Italy and the United States, characterized respectively by multiple …

Persistent link: https://www.econbiz.de/10005504283

Multiple Lenders and Corporate Distress: Evidence on Debt Restructuring

Brunner, Antje; Krahnen, Jan Pieter - C.E.P.R. Discussion Papers - 2004

In the recent theoretical literature on lending risk, the common pool problem in multi-bank relationships has been … credit-fie information on distressed lending relationships in Germany. In particular, it includes information on bank pools … bank pools increases the probability of workout success and that coordination costs are positively related to pool size. We …

Persistent link: https://www.econbiz.de/10005504452

Optimal Debt Contracts under Costly Enforcement

Hvide, Hans K; Leite, Tore - C.E.P.R. Discussion Papers - 2007

We consider a financing game with costly enforcement based on Townsend (1979), but where monitoring is non-contractible and allowed to be stochastic. Debt is the optimal contract. Moreover, the debt contract induces creditor leniency and strategic defaults by the borrower on the equilibrium...

Persistent link: https://www.econbiz.de/10005498123

Rollover Risk and Market Freezes

Acharya, Viral V; Gale, Douglas M; Yorulmazer, Tanju - C.E.P.R. Discussion Papers - 2009

We consider the debt capacity of a risky asset when debt is being rolled over and there is a liquidation cost in case of default. We show that debt capacity depends on how information about the quality of the asset is revealed. When the information structure is based on “optimistic”...

Persistent link: https://www.econbiz.de/10004980204

Bank Capital, Liquid Reserves, and Insolvency Risk

Hugonnier, Julien; Morellec, Erwan - C.E.P.R. Discussion Papers - 2015

short-run; leverage requirements reduce default risk but may significantly reduce bank value; mispriced deposit insurance …

Persistent link: https://www.econbiz.de/10011165669

Moral and Social Constraints to Strategic Default on Mortgages

Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - C.E.P.R. Discussion Papers - 2009

We use survey data to study American households’ propensity to default when the value of their mortgage exceeds the value of their house even if they can afford to pay their mortgage (strategic default). We find that 26% of the existing defaults are strategic. We also find that no household...

Persistent link: https://www.econbiz.de/10005039578

Passive Creditors

Schoors, Koen; Sonin, Konstantin - C.E.P.R. Discussion Papers - 2004

out bad loans and special bank closure provisions, are interpreted in our framework. …

Persistent link: https://www.econbiz.de/10005661427

A Study of Inefficient Going Concerns in Bankruptcy

Franks, Julian R; Lóránth, Gyöngyi - C.E.P.R. Discussion Papers - 2005

This paper provides the first large-scale study measuring the bias in favour of going concerns induced by court-administered bankruptcy procedures. Although we find that the large majority of bankrupt firms in our sample of Hungarian firms are kept as going concerns, the evidence suggests that...

Persistent link: https://www.econbiz.de/10005667106