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Who Benefits From The Export-Import Bank Aid?
Benmelech, Efraim; Monteiro, Joao - National Bureau of Economic Research - 2023
We study the effectiveness of government aid to exporters by exploring an exogenous shock that affected the ability of the Export-Import Bank of the United States (EXIM) to provide aid to U.S. exporters through loan guarantees to importers. We focus on Boeing, the largest individual recipient of...
Persistent link: https://www.econbiz.de/10014337795
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Housing Collateral, Credit Constraints and Entrepreneurship - Evidence from a Mortgage Reform
Jensen, Thais Lærkholm - 2014
typically confound analyses of the collateral channel. We find that a $30,000 increase in credit availability led to a 12 basis …
Persistent link: https://www.econbiz.de/10012458082
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Optimal Time-Consistent Macroprudential Policy
Bianchi, Javier - 2013
Collateral constraints widely used in models of financial crises feature a pecuniary externality: Agents do not … internalize how borrowing decisions taken in "good times" affect collateral prices during a crisis. We show that agents in a …
Persistent link: https://www.econbiz.de/10012458958
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Collateral Valuation and Borrower Financial Constraints : Evidence from the Residential Real Estate Market
Agarwal, Sumit - 2013
Financially constrained borrowers have the incentive to influence the appraisal process in order to increase borrowing or reduce the interest rate. We document that the average valuation bias for residential refinance transactions is above 5%. The bias is larger for highly leveraged...
Persistent link: https://www.econbiz.de/10012459056
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Land-price dynamics and macroeconomic fluctuations
Liu, Zheng - 2011
incorporating two key features into a DSGE model: We introduce land as a collateral asset in firms' credit constraints and we …
Persistent link: https://www.econbiz.de/10012461613
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Bankruptcy Exemption of Repo Markets : Too Much Today for Too Little Tomorrow?
Acharya, Viral V.; Anshuman, V. Ravi; Viswanathan, S. - National Bureau of Economic Research - 2024
the cost of ex-post inefficiency when there are adverse aggregate shocks to the fundamental quality of collateral … shocks by engaging in collateral liquidations. Financial arbitrage by less leveraged financial intermediaries equilibrates … returns from acquiring collateral at fire-sale prices and returns from real-sector lending, inducing higher lending rates, a …
Persistent link: https://www.econbiz.de/10014468227
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Public Debt Guarantees and Private Capital Flight
Eaton, Jonathan - 1987
Significant amounts of private capital have flowed out of several of the more heavily indebted developing countries. This outflow, often called "capital flight ," largely escapes taxation by the borrowing-country government, and has generated concern about the prospects for future servicing of...
Persistent link: https://www.econbiz.de/10012476896
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Securitization without risk transfer
Acharya, Viral V. - 2010
We analyze asset-backed commercial paper conduits which played a central role in the early phase of the financial crisis of 2007-09. We document that commercial banks set up conduits to securitize assets while insuring the newly securitized assets using credit guarantees. The credit guarantees...
Persistent link: https://www.econbiz.de/10012462921
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Loan Commitments and Optimal Monetary Policy
Woodford, Michael - 1996
With loan commitments negotiated in advance, the use of tight money to restrain nominal spending has asymmetric effects upon different categories of borrowers. This can reduce efficiency, even though aggregate demand is stabilized. This is illustrated in the context of an equilibrium model of...
Persistent link: https://www.econbiz.de/10012473182
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Loan Commitments and Monetary Policy
Sofianos, George - 1987
The impact of loan commitment agreements on the way in which changes in monetary policy affects the economy is examined. In particular, the empirical relevance of quantity credit rationing in the transmission of monetary policy is studied with VAR models. We find evidence of a differential...
Persistent link: https://www.econbiz.de/10012476836