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Moreira, Alan - 2014

collateral is scarce. We call this process shadow banking. A rise in uncertainty raises demand for crash-proof liquidity, forcing … intermediaries to delever and substitute toward safe, collateral- intensive liabilities. Shadow banking shrinks, causing the … liquidity supply to contract, discount rates and collateral premia spike, prices and investment fall. The model produces slow …

Persistent link: https://www.econbiz.de/10013050154

The macroeconomics of shadow banking

Moreira, Alan; Savov, Alexi - 2014

Persistent link: https://www.econbiz.de/10010394625

The Macroeconomics of Shadow Banking

Moreira, Alan - 2014

Persistent link: https://www.econbiz.de/10012458332

The macroeconomics of shadow banking

Moreira, Alan; Savov, Alexi - In: The journal of finance : the journal of the American … 72 (2017) 6, pp. 2381-2432

Persistent link: https://www.econbiz.de/10012159875

The macroeconomics of shadow banking

Botta, Alberto; Caverzasi, Eugenio; Tori, Daniele - In: Macroeconomic dynamics 24 (2020) 1, pp. 161-190

Persistent link: https://www.econbiz.de/10012163603

Economic crises and the eligiblity for the lender of last resort : evidence from 19th century France

Bignon, Vincent; Jobst, Clemens - 2017

This paper uses panel econometric techniques to estimate a macro-financial model for fee and commission income over total assets for a broad sample of euro area banks. Using the estimated parameters, it conducts a scenario analysis projecting the fee and commission income ratio over a three...

Persistent link: https://www.econbiz.de/10011637365

Public funding of banks and firms in a time of crisis

Haavio, Markus; Ripatti, Antti; Takalo, Tuomas - 2022

We study public funding of banks and non-financial firms in a time of crisis. We find that bank capitalization is more effective in stabilizing the economy than direct funding to firms, but it also creates larger distortions. We show that the optimal, social-welfare-maximizing, structure of a...

Persistent link: https://www.econbiz.de/10013262563

'Loans for the Little Fellow : ' Credit, Crisis, and Recovery in the Great Depression

Quincy, Sarah - 2019

This paper studies how structural transformation exacerbates financial crises. Using newly collected data, I document the persistent effect of credit supply shocks on local economies during the Great Depression. Cities with access to an unusually generous branching network were no different from...

Persistent link: https://www.econbiz.de/10012857844

Loans for the "Little Fellow : " Credit, Crisis, and Recovery in the Great Depression

Quincy, Sarah - National Bureau of Economic Research - 2023

This paper identifies how bank branching benefited local economies during the Great Depression. Using archival data and narrative evidence, I show how Bank of America's branch network in 1930s California created an internal capital market to diversify away local liquidity shortfalls, allowing it...

Persistent link: https://www.econbiz.de/10014421204

The tale of two great crises

Fratianni, Michele; Giri, Federico - 2015

The great depression of 1929 and the great financial crisis of 2008 have been the two big events of the last 75 years. Not only have they produced serious economic consequences but they also changed our view of economics and policymaking. The aim of this work is to compare these two great crises...

Persistent link: https://www.econbiz.de/10011412358