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Household Debt and Social Interactions
Georgarakos, Dimitris; Haliassos, Michalis; Pasini, Giacomo - C.E.P.R. Discussion Papers - 2012
information from a household survey, representative of the Dutch population, that circumvents the issue of defining the social …
Persistent link: https://www.econbiz.de/10011084156
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Multinational Banking in Europe: Financial Stability and Regulatory Implications Lessons from the Financial Crisis
Barba Navaretti, Giorgio; Calzolari, Giacomo; Levi, Micol; … - C.E.P.R. Discussion Papers - 2010
This paper examines whether multinational banks have a stabilising or a destabilising role during times of financial distress. With a focus on Europe, it looks at how these banks’ foreign affiliates have been faring during the recent financial crisis. It finds that retail and corporate lending...
Persistent link: https://www.econbiz.de/10008468703
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Contingent Capital: The Case for COERCs
Pennacchi, George G.; Vermaelen, Theo; Wolff, Christian C - C.E.P.R. Discussion Papers - 2010
In this paper we propose a new security, the Call Option Enhanced Reverse Convertible (COERC). The security is a form of contingent capital, i.e. a bond that converts into equity when the market value of equity relative to debt falls below a certain trigger. The conversion price is set...
Persistent link: https://www.econbiz.de/10008677232
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On Keeping Your Powder Dry: Fiscal Foundations of Financial and Price Stability
Obstfeld, Maurice - C.E.P.R. Discussion Papers - 2013
Banking systems have rapidly grown to a point where for many countries bank assets amount to multiples of GDP. As a consequence, government’s capacity to provide stability-enhancing fiscal guarantees against systemic crises can no longer be taken for granted. As regulation of dynamic financial...
Persistent link: https://www.econbiz.de/10011084186
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The Effects of the Saving and Banking Glut on the U.S. Economy
Justiniano, Alejandro; Primiceri, Giorgio E; … - C.E.P.R. Discussion Papers - 2013
account for between one fourth and one third of the increase in U.S. house prices and household debt that preceded the …
Persistent link: https://www.econbiz.de/10011083416
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Some Lessons from Six Years of Practical Inflation Targeting
Svensson, Lars E O - C.E.P.R. Discussion Papers - 2013
inflation over a longer period on target; (2) not adding household debt as a new (intermediate) target variable, in addition to … inflation and unemployment – not “leaning against the wind,” which is counterproductive, but leaving any problems with household …
Persistent link: https://www.econbiz.de/10011083489
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Household Leveraging and Deleveraging
Justiniano, Alejandro; Primiceri, Giorgio E; … - C.E.P.R. Discussion Papers - 2013
Abstract. U.S. households' debt skyrocketed between 2000 and 2007, and has been falling since. This leveraging (and deleveraging) cycle cannot be accounted for by the liberalization, and subsequent tightening, of credit standards in mortgage markets observed during the same period. We base this...
Persistent link: https://www.econbiz.de/10011083723
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Wealth, Credit Conditions and Consumption: Evidence from South Africa
Aron, Janine; Muellbauer, John - C.E.P.R. Discussion Papers - 2012
and illiquid wealth time series from household balance sheet data for South Africa, previously constructed by the authors …, to explain fluctuations in the ratios of consumption and household debt to income in South Africa, from 1971 to 2005. The …
Persistent link: https://www.econbiz.de/10011084339
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Use of Banking Services in Emerging Markets--Household-Level Evidence
Beck, Thorsten; Brown, Martin - C.E.P.R. Discussion Papers - 2011
of banking services is related to household characteristics, as well as to bank ownership, deposit insurance and creditor … protection. At the household level we find that the holding of a bank account, a bank card, or a mortgage increases with income … the religion and social integration of a household as well as the gender of the household head. Using the within …
Persistent link: https://www.econbiz.de/10009205063
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Financial Advisors: A Case of Babysitters?
Hackethal, Andreas; Haliassos, Michalis; Jappelli, Tullio - C.E.P.R. Discussion Papers - 2009
We merge administrative information from a large German discount brokerage firm with regional data to examine if financial advisors improve portfolio performance. Our data track accounts of 32,751 randomly selected individual customers over 66 months and allow direct comparison of performance...
Persistent link: https://www.econbiz.de/10004990848