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Creditor Rights and Aggregate Factors in Loan Terms

Knyazeva, Anzhela - 2018

. We examine the effects of creditor rights on the sensitivity of bank lending terms to aggregate relative to firm …-specific information. We formulate two competing hypotheses. On the one hand, weaker creditor rights can amplify the bank's screening and … reduce the ability of borrowers with strong fundamentals to raise bank debt, lead to more correlated bank lending decisions …

Persistent link: https://www.econbiz.de/10012908921

Financially constrained fluctuations in an evolving network economy

Delli Gatti, Domenico; Gallegati, Mauro; Greenwald, … - 2008

Persistent link: https://www.econbiz.de/10003735668

Leverage and Asset Bubbles: Averting Armageddon with Chapter 11?

Miller, Marcus; Stiglitz, Joseph E. - National Bureau of Economic Research (NBER) - 2010

An iconic model with high leverage and overvalued collateral assets is used to illustrate the amplification mechanism driving asset prices to 'overshoot' equilibrium when an asset bubble bursts--threatening widespread insolvency and what Richard Koo calls a 'balance sheet recession'. Besides...

Persistent link: https://www.econbiz.de/10008624592

Principles of Financial Regulation : A Dynamic Portfolio Approach

Stiglitz, Joseph E. - 2001

Economists seeking explanations for the global financial crisis of 1997-99 are reaching consensus that a major factor was weak financial institutions, which resulted in part from inadequate government regulations. At the same time many developing countries are struggling with an overregulated...

Persistent link: https://www.econbiz.de/10012564106

For good measure : advancing research on well-being metrics beyond GDP

Stiglitz, Joseph E. (ed.); Fitoussi, Jean-Paul (ed.); … - 2018

Persistent link: https://www.econbiz.de/10011966167

An analysis of the Japanese credit network

De Masi, Giulia; Fujiwara, Yoshi; Gallegati, Mauro; … - In: Evolutionary and institutional economics review 7 (2011) 2, pp. 209-232

Persistent link: https://www.econbiz.de/10009161998

Risk and Global Economic Architecture: Why Full Financial Integration May Be Undesirable

Stiglitz, Joseph E. - National Bureau of Economic Research (NBER) - 2010

simplistic models arguing for financial integration typically employed in economics assume convexity; but the world is rife with …

Persistent link: https://www.econbiz.de/10008614948

Liaisons Dangereuses: Increasing Connectivity, Risk Sharing, and Systemic Risk

Delli Gatti, Domenico; Battiston, Stefano; Gallegati, Mauro - National Bureau of Economic Research (NBER) - 2009

We characterize the evolution over time of a network of credit relations among financial agents as a system of coupled stochastic processes. Each process describes the dynamics of individual financial robustness, while the coupling results from a network of liabilities among agents. The average...

Persistent link: https://www.econbiz.de/10008627147

Ownership change, institutional development and performance

Knyazeva, Anzhela; Knyazeva, Diana; Stiglitz, Joseph E. - In: Journal of Banking & Finance 37 (2013) 7, pp. 2605-2627

This paper conducts a cross-country empirical study of the impact of institutions and agency conflicts on ownership reforms and their implications for changes in performance and efficiency. We examine two main questions. First, we evaluate the effects of certain property rights and institutional...

Persistent link: https://www.econbiz.de/10010666256

Financial Market Imperfections and Productivity Growth

Greenwald, Bruce C.; Stiglitz, Joseph E. - Institutet för Näringslivsforskning (IFN) - 1989

This paper examines the impact of financial market imperfections on long-term productivity growth. It focuses on failures in markets for the sale of equity securities and hence on the failure of markets which help firms diversify the risks of real investment. The paper examines separately...

Persistent link: https://www.econbiz.de/10010684473

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