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Monetary Policy and the Financing of Firms

De Fiore, Fiorella; Teles, Pedro; Tristani, Oreste - European Central Bank - 2009

How should monetary policy respond to changes in financial conditions? In this paper we consider a simple model where firms are subject to idiosyncratic shocks which may force them to default on their debt. Firms’ assets and liabilities are denominated in nominal terms and predetermined when...

Persistent link: https://www.econbiz.de/10008502695

Should we take inside money seriously?

Stracca, Livio - European Central Bank - 2007

This paper presents a dynamic general equilibrium model with sticky prices, in which "inside" money, made out of commercial banks’ liabilities, plays an active, structural role role. It is shown that, in such a model, an inside money shock has a well-defined meaning. A calibrated version of...

Persistent link: https://www.econbiz.de/10005344903

Securitization, bank lending and credit quality: the case of Spain

Carbó-Valverde, Santiago; Marqués-Ibáñez, David; … - European Central Bank - 2011

illustrative: this country experienced a pronounced housing bubble partly funded via spectacular developments in its securitization …

Persistent link: https://www.econbiz.de/10009003443

Bank risk-taking, securitization, supervision and low interest rates: Evidence from the euro area and the U.S. lending standards

Maddaloni, Angela; Peydró, José-Luis - European Central Bank - 2010

securitization activity, weak supervision for bank capital and too low for too long monetary policy rates. Conversely, low long …

Persistent link: https://www.econbiz.de/10008678673

Securitization and lending standards: evidence from the wholesale loan market

Kara, Alper; Marqués-Ibáñez, David; Ongena, Steven - European Central Bank - 2011

We investigate the effect of securitization activity on banks’ lending standards using evidence from pricing behavior … aggressive on their loan pricing practices. This suggests that securitization activity lead to laxer credit standards …. Macroeconomic factors also play a large role explaining the impact of securitization activity on bank lending standards: banks more …

Persistent link: https://www.econbiz.de/10009216682

Competition and bank risk : the effect of securitization and bank capital; N°1678, May 2014

Marques-Ibanez, David (contributor); … - European Central Bank - 2014

We find that the increased use of securitization activity in the banking sector prior to the 2007- 2009 crisis … augmented the effect of competition on realized bank risk (i.e. more intense competition and greater use of securitization is …

Persistent link: https://www.econbiz.de/10015301929

Guidance note on the definitions of 'financial vehicle corporation' and 'securitisation' under regulation ECB/2008/30

European Central Bank - 2012

Persistent link: https://www.econbiz.de/10015308362