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A Gravity Model of International Lending: Trade, Default and Credit
Rose, Andrew K; Spiegel, Mark - C.E.P.R. Discussion Papers - 2002
One reason why countries service their external debts is the fear that default might lead to shrinkage of international trade. If so, then creditors should systematically lend more to countries with which they share closer trade links. We develop a simple theoretical model to capture this...
Persistent link: https://www.econbiz.de/10005789181
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The Public Management of Environmental Risk: Separating Ex Ante and Ex Post Monitors
Hiriart, Yolande; Martimort, David; Pouyet, Jérôme - C.E.P.R. Discussion Papers - 2005
When firms undertake activities which are environmentally risky, the divergence between social and private incentives to exert safety care requires public intervention. This control occurs both through ex ante regulation and ex post legal investigation. We delineate the respective scopes of...
Persistent link: https://www.econbiz.de/10005123764
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Liability for Past Environmental Contamination and Privatization
Earnhart, Dietrich - C.E.P.R. Discussion Papers - 2000
This paper examines the role of liability for past environmental contamination in the privatization processes of …
Persistent link: https://www.econbiz.de/10005504606
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Moral Hazard and Limited Liability in the Market for Loans: Credit Restriction Versus Credit Rationing
Banerjee, Anindya; Besley, Timothy J. - C.E.P.R. Discussion Papers - 1988
) differences in the liability of the lender and the borrower for losses; and (ii) differences in the information available to the …
Persistent link: https://www.econbiz.de/10005792003
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Shocks to Bank Lending, Risk-Taking, Securitization, and their Role for U.S. Business Cycle Fluctuations
Peersman, Gert; Wagner, Wolf - C.E.P.R. Discussion Papers - 2015
Shocks to bank lending, risk-taking and securitization activities that are orthogonal to real economy and monetary … type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank … using a model of bank risk-taking and securitization. …
Persistent link: https://www.econbiz.de/10011262887
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What Hinders Investment in the Aftermath of Financial Crises: Insolvent Firms or Illiquid Banks?
Kalemli-Ozcan, Sebnem; Kamil, Herman; Villegas-Sanchez, … - C.E.P.R. Discussion Papers - 2011
We provide evidence on the real effects of credit supply shocks utilizing a new firm-level database from six Latin American countries between 1990 to 2005. Holding creditworthiness constant through foreign currency debt exposure, we compare investment undertaken by domestic exporters to that of...
Persistent link: https://www.econbiz.de/10009275697
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The Euro and International Capital Markets
Detken, Carsten; Hartmann, Philipp - C.E.P.R. Discussion Papers - 2000
This paper provides a broad empirical examination of the major currencies' roles in international capital markets, with a special emphasis on the first year of the Euro. A contribution is made as to how to measure these roles, both for international financing as well as for international...
Persistent link: https://www.econbiz.de/10005123910
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Corporate Debt Restructuring: Evidence on Lending Coordination in Financial Distress
Brunner, Antje; Krahnen, Jan Pieter - C.E.P.R. Discussion Papers - 2001
We analyse the coordination problem in multi-creditor relationships empirically, relying on a unique panel data set that contains detailed credit-file information on distressed lending relationships in Germany, including information on creditor pools, a legal institution aiming at coordinating...
Persistent link: https://www.econbiz.de/10005123994
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Endogenous Communication Among Lenders and Entrepreneurial Incentives
Padilla, Atilano Jorge; Pagano, Marco - C.E.P.R. Discussion Papers - 1996
: the borrowers' higher effort levels raise current profits (while each bank retains an informational advantage), but the … fiercer competition triggered by information sharing lowers future profits. The trade-off between these two effects determines … the banks' choice to sign an information-sharing agreement. Their decision affects the degree of banking competition, the …
Persistent link: https://www.econbiz.de/10005124286
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German Bank Lending During Financial Crises: A Bank Level Analysis
Heid, Frank; Nestmann, Thorsten; Von Westernhagen, Natalja - C.E.P.R. Discussion Papers - 2005
This paper studies German bank lending during the Asian and Russian crises, using a bank level data set from the … Deutsche Bundesbank. Our aim is to gain more insight into the pattern of German bank lending during financial crises in …
Persistent link: https://www.econbiz.de/10005504386