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borrower characteristics as well as internal and external credit scores. Our results suggest that relationships of all kinds … have inherent private information and are valuable in screening, in monitoring, and in reducing consumers’ incentives to …
Persistent link: https://www.econbiz.de/10009364352
We consider debit and credit card networks. Our contribution is to introduce the role of consumer credit into these … overdrafts are associated with current accounts and debit cards, and larger credit lines with ‘grace’ periods are associated with … credit cards. If we just introduce credit cards, we find their merchant fees depend not only on the networks’ cost of funds …
Persistent link: https://www.econbiz.de/10009367482
This paper provides a selective review of the theoretical literature on delegated portfolio management as a principal-agent relationship. The main focus of the paper is to review the analytical issues raised by the peculiar nature of the delegated portfolio management relationship within the...
Persistent link: https://www.econbiz.de/10005530712
We study the role of informed trading in a fragmented financial market under the absence of inter-market price priority. Due to frictions in traders’ market access, liquidity providers on alternative trading platforms may be exposed to an increased adverse selection risk. As a consequence, the...
Persistent link: https://www.econbiz.de/10010686745
This paper provides new evidence on the behaviour of euro area aggregate loans to the private sector. Using a sample covering the last twenty years, a cointegrating vector linking the real stock of loans to a small set of domestic macroeconomic variables is found. Besides real GDP and prices,...
Persistent link: https://www.econbiz.de/10005344909
This paper investigates whether output and inflation respond asymmetrically to credit shocks in the euro area. The … effects related to credit conditions in the economy. Consistent with this finding, the impulse responses show some signs of …
Persistent link: https://www.econbiz.de/10005816303
, (ii) credit supply and (iii) housing demand shocks on the housing market and the broader economy. We find that … clearcut for housing demand shocks. We also find that credit supply shocks matter more in the euro area. JEL Classification: E …
Persistent link: https://www.econbiz.de/10008541287
macroprudential policy is represented by a convex dependence of bank capital requirements on the quantity of uncollateralized credit …
Persistent link: https://www.econbiz.de/10010686763
In this paper we attempt to evaluate the quantitative impact of financial shocks on key indicators of real activity and financial conditions. We focus on financial shocks as they have received wide attention in the recent literature and in the policy debate after the global financial crisis. We...
Persistent link: https://www.econbiz.de/10010686798
The rapid increase in credit in an economy is now commonly perceived to be one of the leading indicators of financial … policy response has been to focus on the ratio of private sector credit to GDP for an economy, observing, in particular …-state relationship between private sector credit and GDP in the case of Ireland, a country which, even by international standards …
Persistent link: https://www.econbiz.de/10010686848