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Collateral and Local Lending: Testing the Lender-Based Theory

Zazzaro, Alberto; Bellucci, Andrea; Borisov, Alexander; … - Money and Finance Research group (Mo.Fi.R.) - 2015

In this paper we empirically test the recent lender-based theory for the use of collateral in bank lending. Based on a … borrowers and the lending branch of the bank to capture its information advantage and the magnitude of collateral … higher collateral requirements and lower interest rates. Moreover, competitive pressure from transaction lenders does not …

Persistent link: https://www.econbiz.de/10011265634

Mutual Loan-Guarantee Societies in Monopolistic Credit Markets with Adverse Selection

Busetta, Giovanni; Zazzaro, Alberto - Money and Finance Research group (Mo.Fi.R.) - 2009

wealth to satisfy collateral requirements and induce self-selecting contracts. In this setting, we view MLGSs as a wealth …

Persistent link: https://www.econbiz.de/10008495947

Crisi finanziaria globale, crisi sovrana e crisi bancaria: L'Italia e il confronto europeo

Alessandrini, Pietro; Papi, Luca; Presbitero, Andrea Filippo - Money and Finance Research group (Mo.Fi.R.) - 2013

Questo lavoro analizza le diverse fasi della recente crisi economico-finanziaria, ponendo l'accento sull'entita' del credit crunch in Italia e nel resto d'Europa, al fine di cogliere le similitudini ma, soprattutto, le differenze tra i paesi centrali e quelli periferici ell'area dell'euro, tra i...

Persistent link: https://www.econbiz.de/10010878431

The perverse effect of government credit subsidies on banking risk

Bonis, Riccardo De; Piazza, Matteo; Tedeschi, Roberto - Money and Finance Research group (Mo.Fi.R.) - 2012

Government intervention in credit markets has been criticized as potentially conducive to distortions in the behaviour of both banks and firms. We argue that credit subsidies may lead to a decline in the level of screening performed by banks. This effect was at work in Italy in the early 1990s...

Persistent link: https://www.econbiz.de/10010878437

Does credit crunch investments down? New evidence on the real effects of the bank-lending channel

Cingano, Federico; Manaresi, Francesco; Sette, Enrico - Money and Finance Research group (Mo.Fi.R.) - 2013

This paper shows evidence on the real effects of the bank lending channel exploiting the dramatic 2007 liquidity drought in interbank markets as a source of variation in banks' credit supply. For a large sample of Italian firms we combine information on firm-bank credit relationships, firms and...

Persistent link: https://www.econbiz.de/10010878439

I consorzi di garanzia fidi durante la crisi

Papi, Luca; Presbitero, Andrea Filippo; Zazzaro, Alberto - Money and Finance Research group (Mo.Fi.R.) - 2013

Questo paper analizza in che misura i confidi siano riusciti a limitare i problemi di accesso al credito da parte delle piccole imprese durante la crisi.;Dapprima vengono discusse le principali trasformazioni registrate dalla struttura del settore dei confidi negli anni recenti e le evidenze...

Persistent link: https://www.econbiz.de/10010878445

Geographical Distance and Moral Hazard in Microcredit: Evidence from Colombia

Presbitero, Andrea Filippo; Rabellotti, Roberta - Money and Finance Research group (Mo.Fi.R.) - 2012

Recent years have seen an intense and critical debate about the impact of microcredit on entrepreneurial activities and poor households' welfare. This paper suggests that information asymmetries in the ex-post loan arrangement between the microfinance institution (MFI) and local borrowers could...

Persistent link: https://www.econbiz.de/10010878447

Bank asset reallocation and sovereign debt

Fratianni, Michele; Marchionne, Francesco - Money and Finance Research group (Mo.Fi.R.) - 2014

This paper examines how banks around the world have resized and reallocated their earning assets in response to the subprime and sovereign debt crises. We focus especially on the interaction between sovereign debt and the bank asset allocation process. After the crisis we observe a general...

Persistent link: https://www.econbiz.de/10010933360

Is Access to Credit a Constraint for Latin American Enterprises? An Empirical Analysis with Firm-Level Data

Presbitero, Andrea Filippo; Rabellotti, Roberta - Money and Finance Research group (Mo.Fi.R.) - 2014

An intense process of deregulation and financial liberalization in Latin America has increased competitive pressures and led to bank restructuring and consolidation. This paper looks at firm access to credit in the region, focusing on the role of credit market structure. Using firm-level data...

Persistent link: https://www.econbiz.de/10010943309

Was the Crisis due to a shift from stakeholder to shareholder finance? Surveying the debate

Ferri, Giovanni; Leogrande, Angelo - Money and Finance Research group (Mo.Fi.R.) - 2015

We discuss the literature on the shift from stakeholder to shareholder finance behind the Great Financial Crisis (GFC). Traditional banks generally maximized stakeholder value (STV). But before the GFC also many of them started maximizing shareholder value (SHV). Moving from STV to SHV often...

Persistent link: https://www.econbiz.de/10011273101