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Applications or Approvals : What Drives Racial Disparities in the Paycheck Protection Program?
Chernenko, Sergey; Kaplan, Nathan; Sarkar, Asani; … - National Bureau of Economic Research - 2023
We use the 2020 Small Business Credit Survey to study the sources of racial disparities in use of the Paycheck Protection Program (PPP). Black-owned firms are 8.9 percentage points less likely than observably similar white-owned firms to receive PPP loans. About 55% of this take-up disparity is...
Persistent link: https://www.econbiz.de/10014250189
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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
We examine the desirability of granting "safe harbor" provisions to creditors of financial intermediaries in sale-and-repurchase (repo) contracts. Exemption from an automatic stay in bankruptcy enables financial intermediaries to raise greater liquidity and induces entry of intermediaries with...
Persistent link: https://www.econbiz.de/10014468227
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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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Crisis Risk and Risk Management
Stulz, René M. - National Bureau of Economic Research - 2023
This paper assesses the current state of knowledge about crisis risk and its implications for risk management. Better data that became available since the Global Financial Crisis (GFC) has improved our understanding of crisis risk. These data have been used to show that some types of crises...
Persistent link: https://www.econbiz.de/10014287353
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Optimal Policy for Macro-Financial Stability
Benigno, Gianluca - 2019
There is a new and now extensive literature analyzing government policies for financial stability based on models with endogenous borrowing constraints. These normative analyses often build upon the concept of constrained efficient allocation, where the social planner is constrained by the same...
Persistent link: https://www.econbiz.de/10012480341
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Kicking the Can Down the Road : Government Interventions in the European Banking Sector
Acharya, Viral V. - 2020
an econometric approach that addresses the endogeneity associated with governmental bailout decisions in identifying …
Persistent link: https://www.econbiz.de/10012481392
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Optimal Bailouts and the Doom Loop with a Financial Network
Capponi, Agostino - 2020
optimal bailout policy in the presence of this "doom loop". Rescuing banks with high domestic sovereign exposure is optimal if … these banks are sufficiently central in the network, even though that requires larger bailout expenditures than rescuing low …
Persistent link: https://www.econbiz.de/10012481658
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Bailouts and the Preservation of Competition
Roberts, James W. - 2010
competitors as the firms leaving the market. We quantify these effects in the case of the 1984 bailout of timber companies that … faced substantial losses on existing federal timber contracts. We predict that the bailout substantially increased sale … prices in subsequent auctions because firms that might have might have been induced to enter without the bailout tended to …
Persistent link: https://www.econbiz.de/10012462006
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Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts
Farhi, Emmanuel - 2009
policy is non-targeted. The ex post benefits from a monetary bailout accrue in proportion to the number amount of leverage … bailout instruments is endogenous and characterize the structure of optimal bailouts …
Persistent link: https://www.econbiz.de/10012463512
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Uncertainty as Commitment
Nosal, Jaromir - 2013
Time-inconsistency of no-bailout policies can create incentives for banks to take excessive risks and generate …
Persistent link: https://www.econbiz.de/10012459895