In the view of most policymakers and economists,competition in retail banking takes place in localmarkets covering a …, researchersand regulatory agencies assessing the effects of bank mergerson competition will examine the degree to whichdeposits in a …

credit market imperfections that arise as a consequence ofagency problems in the borrower-lender relationship. Our model … the credit market imperfections — an increase in the wage brings about greatermeritocracy. Specifically, a higher wage …

distribution arising from correlated credit eventsfor any arbitrary portfolio of counterparty exposures, downto the individual … and credit migrations.1 Theimportance of tabulating the exact loss distribution ishighlighted by the fact that … that managementfaces a distribution of potential losses rather than asingle potential loss. In order to define credit risk …

individual homeowner credit histories to the loan-levelanalysis of the factors influencing the probability that a homeownerwill … refinance. In addition to credit histories, we includein the analysis changes in individual homeowner’s equity and inthe overall …

We consider a general equilibrium model with frictions in credit markets used by households. Inour economy, houses …