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Contingent liquidity
Nicoletti-Altimari, Sergio; Salleo, Carmelo - Banca d'Italia - 2010
After the crisis, bank regulators are considering mitigating liquidity risk by introducing quantity limits on liquidity … and maturity mismatch. We argue that aggregate liquidity risk can be reduced with little deadweight loss by encouraging … readily observable variable correlated with systemic liquidity risk (e.g. the LIBOR-OIS spread) is above a trigger threshold …
Persistent link: https://www.econbiz.de/10008677914
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The pricing of government-guaranteed bank bonds
Levy, Aviram; Zaghini, Andrea - Banca d'Italia - 2010
We examine the effects of the government guarantee schemes for bank bonds adopted in the aftermath of the Lehman Brothers demise to help banks retain access to wholesale funding. We describe the evolution and the pattern of bond issuance across countries to assess the effect of the schemes. Then...
Persistent link: https://www.econbiz.de/10008626021
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An assessment of financial sector rescue programmes
Panetta, Fabio; Faeh, Thomas; Grande, Giuseppe; Ho, Corrinne - Banca d'Italia - 2009
We analyse the wide array of rescue programmes adopted in several countries, following Lehman Brothers� default in September 2008, in order to support banks and other financial institutions. We first provide an overview of the programmes, comparing their characteristics, magnitudes and...
Persistent link: https://www.econbiz.de/10004964392
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Trade Credit as Collateral
Omiccioli, Massimo - Banca d'Italia - 2005
A remarkable feature of short-term business finance is the widespread use of trade credit as collateral in bank borrowing, especially by small and medium-sized firms. The paper models the incentives for a firm to collateralize accounts receivable as a trade-off between the benefit from lower...
Persistent link: https://www.econbiz.de/10005111571
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Debt restructuring and the role of lending technologies
Micucci, Giacinto; Rossi, Paola - Banca d'Italia - 2010
The literature on debt restructuring usually assumes that banks behave in a uniform way towards firms in distress. Using a recent survey of Italian banks, we show that banks follow different strategies when they decide whether to take part in the workout process, in that some of them do...
Persistent link: https://www.econbiz.de/10008560238
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Female entrepreneurs in trouble: do their bad loans last longer?
Marcucci, Juri; Mistrulli, Paolo Emilio - Banca d'Italia - 2013
We investigate the duration of bad loans for a unique data set of sole proprietorships in Italy, finding that bad loans for female firms last longer. However, this result is mainly due to the fact that loans granted to female firms are less frequently written off than those to male ones,...
Persistent link: https://www.econbiz.de/10011100336
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The role of leverage in firm solvency: evidence from bank loans
Patti, Emilia Bonaccorsi di; Alessio D�Ignazio; … - Banca d'Italia - 2014
The two recessions that have hit Italy since the end of 2008 have raised the share of non-performing loans to businesses in banks� portfolios substantially. In this paper we evaluate to what extent the deterioration of credit quality was due not only to the decline in firms� sales...
Persistent link: https://www.econbiz.de/10011100349
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Costs and benefits of creditor concentration: An empirical approach
Carmignani, Amanda; Omiccioli, Massimo - Banca d'Italia - 2007
). Moreover, high concentration of creditors can expose borrowers to greater liquidity risks. Using Italian data on manufacturing …-budget-constraint and liquidity effects, high concentration of bank credit reduces the likelihood of financial distress and liquidation, as … offset by the soft-budget-constraint effect and ii) higher concentration of credit lines increases liquidity risks and thus …
Persistent link: https://www.econbiz.de/10005467311
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What determines the size of bank loans in industrialized countries? The role of government debt
Bonis, Riccardo De; Stacchini, Massimiliano - Banca d'Italia - 2009
Given the importance of banking intermediation, we investigate the determinants of the size of bank loans in 18 OECD countries in the period 1981-1997. The aim of the paper is to show that the ratio of government debt to GDP has a negative effect on the level of bank credit. Second, countries...
Persistent link: https://www.econbiz.de/10005642128
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Credit ratings in structured finance and the role of systemic risk
Violi, Roberto - Banca d'Italia - 2010
This paper explores the implications of systemic risk in Credit Structured Finance (CSF). Risk measurement issues loomed large during the 2007-08 financial crisis, as the massive, unprecedented number of downgrades of AAA senior bond tranches inflicted severe losses on banks, calling into...
Persistent link: https://www.econbiz.de/10008677911