[...]This article documents the “return in retail” in the U.S.banking industry and offers some insight into why this shift hasoccurred. Trends in retail loan shares, retail deposit shares, thebalance sheets of U.S. consumers, and the number of bankbranches all indicate an increased focus on...

This paper draws on a more extensive Joint Center for HousingStudies assessment of the CRA, funded by the FordFoundation. The larger study not only assesses the impact ofthe CRA on home purchase and home refinance lending, it alsopresents commentary on the CRA’s impact on small-businessand...

[...]Because of these concerns, this article examines the value ofthe Senior Loan Officer Opinion Survey in predicting bothlending and output.1 We find that the changes in commercialcredit standards reported by loan officers are indeed linked toaggregate loan growth. Commercial lending by U.S....

[...]Diet discussions produced two significant piecesof legislation: the Law Concerning Emergency Measuresfor the Reconstruction of the Functions of the FinancialSystem, and the Financial Function Early Restoration Law.An outline of these laws is shown in Figure 1. The LawConcerning Emergency...

This paper describes a new and intuitive methodfor answering these technical questions by tabulating theexact loss distribution arising from correlated credit eventsfor any arbitrary portfolio of counterparty exposures, downto the individual contract level, with the losses measuredon a...

In the view of most policymakers and economists,competition in retail banking takes place in localmarkets covering a relatively small geographic area.Banks are thought to design their services and settheir loan and deposit rates in response to the supply anddemand conditions prevailing in a...

We investigate determinants of launch spreads in European securitizationtransactions over the last decade. First, we develop a simple, reduced-form pricingmodel for all issues across different transaction types and test it. We document thecritical importance of credit ratings without refinements...

Using data from the Philippines, this paper seeks to understand how households in thestudy area apparently manage to avoid falling in a debt trap in spite of frequent borrowing.Findings suggest this is achieved via three institutional features. First, most informal debtcarries no interest. As we...

[...]This article significantly advances the literature onmortgage prepayments by introducing quantitative measuresof individual homeowner credit histories to the loan-levelanalysis of the factors influencing the probability that a homeownerwill refinance. In addition to credit histories, we...

We consider a general equilibrium model with frictions in credit markets used by households. Inour economy, houses provide housing services to consumers and serve as collateral to lower borrowingcost.We show that this amplifies and propagates the effect of monetary policy shocks on...