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Prime property institutions for a subprime era: Toward innovative models of homeownership

Arruñada, Benito; Lehavi, Amnon - Department of Economics and Business, Universitat … - 2010

building, and mortgage enforcement. Inspired by recent developments in the affordable housing sector and other types of public … property rights, conditional subsidies, and credit mediation to alleviate the systemic risks of mortgage foreclosure. Two new …

Persistent link: https://www.econbiz.de/10008635848

Banks, liquidity crises and economic growth

Gaytan, Alejandro; Rancière, Romain - Department of Economics and Business, Universitat … - 2001

How do the liquidity functions of banks affect investment and growth at different stages of economic development? How … issues using an overlapping generations growth model where agents, who experience idiosyncratic liquidity shocks, can invest … in a liquid storage technology or in a partially illiquid Cobb Douglas technology. By pooling liquidity risk, banks play …

Persistent link: https://www.econbiz.de/10005827489

The lender of last resort: A 21st Century approach

Freixas, Xavier; Parigi, Bruno M.; Rochet, Jean-Charles - Department of Economics and Business, Universitat … - 2003

The object of this paper is to analyze rigorously the role of a Lender of Last Resort by providing a framework where the distinction between insolvency and illiquidity is not clearly cut. Determining the optimal Lender of Last Resort policy requires a careful modeling of the structure of the...

Persistent link: https://www.econbiz.de/10005771956

Wealth, financial intermediation and growth

Gaytan, Alejandro; Rancière, Romain - Department of Economics and Business, Universitat … - 2004

financial intermediaries implement liquidity risk sharing among depositors. We show that at early stages of economic development … economy has crossed certain wealth threshold, the liquidity role of banks becomes unambiguously growth enhancing. As wealth … increases, banks offer improving liquidity insurance, and higher growth; however, for high levels of wealth, growth generated by …

Persistent link: https://www.econbiz.de/10005572616

The effects of poor financial information systems on the long term sustainability of local public services. Empirical evidence from the Catalan Municipalities

Alegre, Eugeni Garcia; López, Guillem - Department of Economics and Business, Universitat … - 2004

In this paper we describe the existence of financial illusion in public accounting and we comment on its effects for the future sustainability of local public services. We relate these features to the lack of incentives amongst public managers for improving the financial reporting and thus...

Persistent link: https://www.econbiz.de/10005771997

The effects of poor financial information systems on the long term sustainability of local public services. Empirical evidence from the Catalan Municipalities

Alegre, Eugeni Garcia; López, Guillem - Department of Economics and Business, Universitat … - 2004

Persistent link: https://www.econbiz.de/10005572561

Immigration and housing booms: Evidence from Spain

Luna, Libertad González; Ortega, Francesc - Department of Economics and Business, Universitat … - 2009

We estimate empirically the effect of immigration on house prices and residential construction activity in Spain over the period 1998-2008. This decade is characterized by both a spectacular housing market boom and a stunning immigration wave. We exploit the variation in immigration across...

Persistent link: https://www.econbiz.de/10005029665

A model of shadow banking

Gennaioli, Nicola; Shleifer, Andrei; Vishny, Robert - Department of Economics and Business, Universitat … - 2011

investor wealth drives the demand for riskless debt and indirectly for securitization, ii) intermediary assets and leverage … fluctuations in liquidity over time. …

Persistent link: https://www.econbiz.de/10009321253

Relationship and transaction lending in a crisis

Bolton, Patrick; Freixas, Xavier; Gambacorta, Leonardo; … - Department of Economics and Business, Universitat … - 2013

We study how relationship lending and transaction lending vary over the business cycle. We develop a model in which relationship banks gather information on their borrowers, which allows them to provide loans for profitable firms during a crisis. Due to the services they provide, operating costs...

Persistent link: https://www.econbiz.de/10010849592

Is bank debt special for the transmission of monetary policy? Evidence from the stock market

Ippolito, Filippo; Ozdagli, Ali K.; Orive, Ander Pérez - Department of Economics and Business, Universitat … - 2013

We combine existing balance sheet and stock market data with two new datasets to study whether, how much, and why bank lending to firms matters for the transmission of monetary policy. The first new dataset enables us to quantify the bank dependence of firms precisely, as the ratio of bank debt...

Persistent link: https://www.econbiz.de/10010849624