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Contingent Credit Under Stress
Acharya, Viral V.; Jager, Maximilian; Steffen, Sascha - National Bureau of Economic Research - 2023
Over the past two decades, banks have increasingly focused on offering contingent credit in the form of credit lines as a primary means of corporate borrowing. We review the existing body of research regarding the rationales for banks' provision of liquidity insurance in the form of credit...
Persistent link: https://www.econbiz.de/10014437040
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Bank Funding Risk, Reference Rates, and Credit Supply
Cooperman, Harry; Duffie, Darrell; Luck, Stephan; Wang, … - National Bureau of Economic Research - 2023
show that transition to risk-free reference rates may exacerbate this friction. The adverse impact on credit supply is …
Persistent link: https://www.econbiz.de/10014226104
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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
-and-repurchase (repo) contracts. Exemption from an automatic stay in bankruptcy enables financial intermediaries to raise greater liquidity … 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 …
Persistent link: https://www.econbiz.de/10014468227
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Information Dynamics and Macro Fluctuations
Chousakos, Kyriakos T.; Gorton, Gary; Ordoñez, Guillermo - National Bureau of Economic Research - 2023
The amount of information produced about firms' productivities and about the quality of collateral backing their loans … information about collateral depreciates. A financial crisis happens when information about collateral is suddenly generated …
Persistent link: https://www.econbiz.de/10014322900
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Good Booms, Bad Booms
Gorton, Gary - 2016
careful examination of collateral. As this examination is more valuable when collateral backs projects with low productivity …
Persistent link: https://www.econbiz.de/10012456665
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War Discourse and Disaster Premia : 160 Years of Evidence from Stock and Bond Markets
Hirshleifer, David; Mai, Dat; Pukthuanthong, Kuntara - National Bureau of Economic Research - 2023
valuation of disaster risk. Focusing on media discourse addresses the challenge of sample size even when major disasters are …
Persistent link: https://www.econbiz.de/10014287305
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Refinancing Frictions, Mortgage Pricing and Redistribution
Berger, David; Milbradt, Konstantin; Tourre, Fabrice; … - National Bureau of Economic Research - 2024
There are large cross-sectional differences in how often US borrowers refinance mortgages. In this paper, we develop an equilibrium mortgage pricing model with heterogeneous borrowers and use it to show that equilibrium forces imply important cross-subsidies from borrowers who rarely refinance...
Persistent link: https://www.econbiz.de/10014468222
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The Collateral Link between Volatility and Risk Sharing
Infante, Sebastian - 2020
economy tends to damage risk sharing when the composition of collateral is biased toward private assets. As we show that a … stable economy is more propitious to the creation of private collateral, stability makes risk sharing increasingly fragile to … valuation of collateral. Both private and public assets are used in insurance markets as collateral, but their exposure to …
Persistent link: https://www.econbiz.de/10012482338
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Securitized Banking and the Run on Repo
Gorton, Gary B. - 2009
uncertainty about bank solvency and lower values for repo collateral. Concerns about the liquidity of markets for the bonds used … as collateral led to increases in repo "haircuts": the amount of collateral required for any given transaction. With …The Panic of 2007-2008 was a run on the sale and repurchase market (the "repo" market), which is a very large, short …
Persistent link: https://www.econbiz.de/10012463426
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The Distribution of Crisis Credit : Effects on Firm Indebtedness and Aggregate Risk
Huneeus, Federico; Kaboski, Joseph Paul; Larraín, Mauricio - National Bureau of Economic Research - 2022
We study the distribution of credit during crisis times and its impact on firm indebtedness and macroeconomic risk … risk. We analyze a large-scale program of public credit guarantees in Chile during the COVID-19 pandemic using unique … lending to riskier firms at the micro level, macroeconomic risks remain small. Several factors mitigate aggregate risk: the …
Persistent link: https://www.econbiz.de/10012938743