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Lessons from the 2007 Financial Crisis
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2007
Tripartite financial stability arrangement between the Treasury the Bank of England and the FSA, weaknesses in the Bank of …
Persistent link: https://www.econbiz.de/10005791213
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Credit Ratings Failures and Policy Options
Pagano, Marco; Volpin, Paolo - C.E.P.R. Discussion Papers - 2009
This paper examines the role of credit rating agencies in the subprime crisis that triggered the 2007-08 financial turmoil. The focus of the paper is on two aspects of ratings that contributed to the boom and bust of the market for asset-backed securities: rating inflation and coarse information...
Persistent link: https://www.econbiz.de/10008558591
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Securitization, Transparency and Liquidity
Pagano, Marco; Volpin, Paolo - C.E.P.R. Discussion Papers - 2008
We present a model in which issuers of asset backed securities choose to release coarse information to enhance the liquidity of their primary market, at the cost of reducing secondary market liquidity or even causing it to freeze. The degree of transparency is inefficiently low if the social...
Persistent link: https://www.econbiz.de/10005504512
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Privately versus Publicly Optimal Skin in the Game: Optimal Mechanism and Security Design
Chemla, Gilles; Hennessy, Christopher - C.E.P.R. Discussion Papers - 2011
generally leads to higher welfare if efficient risk-sharing (bank investment scale) is the dominant consideration, and is always …
Persistent link: https://www.econbiz.de/10009024483
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Loan Sales and Screening Incentives
Bester, Helmut; Gehrig, Thomas; Stenbacka, Rune - C.E.P.R. Discussion Papers - 2012
when screening primarily improves the bank’s ability to identify profitable loans and when banks retain most of those …
Persistent link: https://www.econbiz.de/10011083726
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Lending relationships and credit rationing: the impact of securitization
Carbó Valverde, Santiago; Degryse, Hans; … - C.E.P.R. Discussion Papers - 2012
Banks have been heavily involved in securitization. We study whether the involvedness of a firm’s main bank into … and during the 2007-8 financial crisis. Both types of securitization allow the bank to generate liquidity. To the extent … rationing, we find that a longer relationship with a firm’s main bank considerable improve credit supply. In general, we find …
Persistent link: https://www.econbiz.de/10011084511