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Hattori, Masazumi; Shin, Hyun Song - Institute for Monetary and Economic Studies, Bank of Japan - 2007

Yen carry trades have traditionally been viewed in narrow terms purely as a foreign exchange transaction. However, evidence from the waxing and waning of balance sheets of foreign banks operating in Japan points to a broader notion of the carry trade. Yen liabilities fund not only pure currency...

Persistent link: https://www.econbiz.de/10004975764

Good Securitization, Bad Securitization

Plantin, Guillaume - Institute for Monetary and Economic Studies, Bank of Japan - 2011

I use a simple banking model to study the circumstances under which excessive and inefficient securitization may occur …. I first stress that increasing securitization rates that reduce banks' incentives to screen borrowers and thus lead to … the informational efficiency of the securitization market, then there is room for excessive securitization. The model …

Persistent link: https://www.econbiz.de/10008837594

Credit Ratings Failures and Policy Options

Pagano, Marco; Volpin, Paolo - Centro Studi di Economia e Finanza (CSEF) - 2009

This paper examines the role of credit rating agencies in the subprime crisis that triggered the 2007-08 financial turmoil. We focus on two aspects of ratings that contributed to the boom and bust of the market for structured debt: rating inflation and coarse information disclosure. The paper...

Persistent link: https://www.econbiz.de/10008561014

Securitization, Transparency and Liquidity

Pagano, Marco; Volpin, Paolo - Centro Studi di Economia e Finanza (CSEF) - 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/10005087538

Preferential regulatory treatment and banks' demand for government bonds

Bonner, Clemens - de Nederlandsche Bank - 2014

Government bonds receive preferential treatment in financial regulation. The purpose of this paper is to analyze the impact of this preferential treatment on banks' demand for government bonds. Using unique transaction-level data, our analysis suggests that preferential treatment in liquidity...

Persistent link: https://www.econbiz.de/10010812608

Reputation and Credit Market Formation: How Relational Incentives and Legal Contract Enforcement Interact

Fehr, Ernst; Zehnder, Christian - Institute for the Study of Labor (IZA) - 2009

relational incentives are a powerful causal determinant for the existence and performance of credit markets. In fact, in the …

Persistent link: https://www.econbiz.de/10004976880

Information Sharing in Credit Markets: A Survey

Jappelli, Tullio; Pagano, Marco - Centro Studi di Economia e Finanza (CSEF) - 2000

Information sharing about borrowers' characteristics and their indebtedness can have important effects on credit markets activity. First, it improves the banks' knowledge of applicants' characteristics and permits a more accurate prediction of their repayment probabilities. Second, it reduces...

Persistent link: https://www.econbiz.de/10005802055

Role and Effects of Credit Information Sharing

Jappelli, Tullio; Pagano, Marco - Centro Studi di Economia e Finanza (CSEF) - 2005

brief account of models that capture these four effects of information sharing on credit market performance, as well as of …

Persistent link: https://www.econbiz.de/10005802068

Information Sharing in Credit Markets: The European Experience

Jappelli, Tullio; Pagano, Marco - Centro Studi di Economia e Finanza (CSEF) - 2000

We describe the operation of credit bureaus and public credit registers in Europe and extract potential lessons for upgrading credit registers in other countries. The evidence that we report is based on questionnaires directed to private credit bureaus and central banks, on direct interviews and...

Persistent link: https://www.econbiz.de/10005802099

Mortgage Indebtedness and Household Financial Distress

Georgarakos, Dimitris; Lojschova, Adriana; … - Institute for the Study of Labor (IZA) - 2009

Using comparable survey data from twelve European countries we investigate households' attitudes towards mortgage indebtedness. We find that a given debt burden creates much higher distress in Southern countries, France and Belgium, where fewer households have a mortgage outstanding relative to...

Persistent link: https://www.econbiz.de/10008558942