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Money, credit and imperfect competition among banks
Head, Allen; Kam, Timothy; Ng, Sam; Pan, Isaac - 2022
Using micro-level data for the U.S., we provide new evidence-at national and state levels - of a positive (negative) relationship between the standard deviation (coefficient of variation) and the average in bank lending-rate markups. In a quantitative theory consistent with these empirical...
Persistent link: https://www.econbiz.de/10013169196
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Procyclical finance : the money view
Li, Ye - 2017
Financial intermediaries issue the majority of liquid securities, and nonfinancial firms have become net savers, holding intermediaries' debt as cash. This paper shows that intermediaries' liquidity creation stimulates growth -- firms hold their debt for unhedgeable investment needs -- but also...
Persistent link: https://www.econbiz.de/10011968932
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Payments, Credit and Asset Prices
Piazzesi, Monika - 2018
This paper studies a modern monetary economy: trade in both goods and securities relies on money provided by … intermediaries. While money is valued for its liquidity, its creation requires costly leverage. Inflation, security prices and the … if it helps back inside money, and lower if more inside money is used to trade it. Inflation can be low in security …
Persistent link: https://www.econbiz.de/10012914919
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Credit risk interconnectedness : what does the market really know?
Abbassi, Puriya; Brownlees, Christian; Hans, Christina; … - 2016
We analyze the relation between market-based credit risk interconnectedness among banks during the crisis and the associated balance sheet linkages via funding and securities holdings. For identification, we use a proprietary dataset that has the funding positions of banks at the bank-to-bank...
Persistent link: https://www.econbiz.de/10011456511
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Bank Credit and Default in Infinite Horizon
Goodhart, Charles - 2019
monetary policy a complement to or a substitute for macroprudential policy? What is the role of money-financed fiscal expansion … fourth, that money-financed fiscal expansion is effective in raising output and inflation, and accompanied with lower credit …
Persistent link: https://www.econbiz.de/10012858964
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Asymmetric Information in Frictional Markets for Liquidity : Collateralized Credit vs Asset Sale
Madison, Florian - 2020
This paper studies (non-)equivalence of collateralized credit and asset sale for information-sensitive assets in over-the-counter markets. A signaling game refined by the undefeated equilibrium endogenizes the choice between pooling and separating offers and addresses the payment puzzle. The...
Persistent link: https://www.econbiz.de/10012855677
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Liquidity Crunch in the Interbank Market : Is it Credit or Liquidity Risk, or Both
Baglioni, Angelo S. - 2009
-2009 liquidity crunch affecting the money market at the international level: (i) high spreads between interest rates at different …
Persistent link: https://www.econbiz.de/10013157869
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Post-crisis credit slowdown in South-East Europe : return to normality?
Jovanovic, Branimir; Hani, Egzona; Georgievska, Ljupka - Narodna Banka na Republika Makedonija - 2014
What explains the post-crisis slowdown in bank credit to private sector in the South-East European economies? We try to answer this question, by comparing the actual credit growth to the fundamental and equilibrium growths. The fundamental growth is defined as the growth justified by the...
Persistent link: https://www.econbiz.de/10011623469
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The analytical credit dataset : a magnifying glass for analysing credit in the euro area
Israël, Jean-Marc; Damia, Violetta; Bonci, Riccardo; … - 2017
In May 2016 the Governing Council adopted the AnaCredit Regulation (ECB/2016/13) providing the legal basis for the European System of Central Banks (ESCB) to collect granular information on loans from banks to corporates and other legal persons based on a core set of harmonised concepts and...
Persistent link: https://www.econbiz.de/10011639632
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Macroprudential regulation and bank stability : the credit market signal
Kiemo, Samuel; Kamau, Anne; Rugiri, Irene W.; Talam, Camilla - 2021
This paper examines the effectiveness of macroprudential regulations in promoting bank stability and credit in the Kenyan financial system. The study uses bank-level and nonbank credit data for the period 2001-2019 and applies a panel estimation methodology to achieve its objectives. The study...
Persistent link: https://www.econbiz.de/10012596050