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Central Clearing and Collateral Demand
Duffie, Darrell - 2014
demand of new margin and clearing practices and regulations. We decompose collateral demand for both customers and dealers … impact on collateral demand of more widespread initial margin requirements, increased novation of CDS to central clearing …-specialized types, and client clearing. Among other results, we show that system-wide collateral demand is increased significantly by …
Persistent link: https://www.econbiz.de/10012458774
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When Is There a Strong Transfer Risk from the Sovereigns to the Corporates? Property Rights Gaps and CDS Spreads
Bai, Jennie - 2012
When a sovereign faces the risk of debt default, it may be tempted to expropriate the private sector. This may be one reason for why international investment in private companies has to take into account the sovereign risk. But the likelihood of a transfer from the sovereign risk to corporate...
Persistent link: https://www.econbiz.de/10012460062
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(Almost) 200 Years of News-Based Economic Sentiment
Binsbergen, Jules H. van; Bryzgalova, Svetlana; … - National Bureau of Economic Research - 2024
Using text from 200 million pages of 13,000 US local newspapers and machine learning methods, we construct a 170-year-long measure of economic sentiment at the country and state levels, that expands existing measures in both the time series (by more than a century) and the cross-section. Our...
Persistent link: https://www.econbiz.de/10014468226
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Money Markets, Collateral and Monetary Policy
De Fiore, Fiorella - 2018
unsecured lending and substantial increases in haircuts on posted collateral. This paper seeks to understand the implications of …
Persistent link: https://www.econbiz.de/10012480970
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Economic Growth and Bank Innovation
Gorton, Gary; He, Ping - National Bureau of Economic Research - 2021
Based on archival and survey data we show that the maturity of U.S. business loans has been continuously increasing since the mid-1930s when banks invented the term loan. Concurrently, bank innovation first involved the invention of credit analysis and covenant design. Later, bank innovation...
Persistent link: https://www.econbiz.de/10012660004
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Repo and Securities Lending
Adrian, Tobias - 2012
: principal amount, interest rate, collateral type, haircut, tenor, and counterparty …
Persistent link: https://www.econbiz.de/10012460111
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How the Subprime Crisis Went Global : Evidence from Bank Credit Default Swap Spreads
Eichengreen, Barry - 2009
How did the Subprime Crisis, a problem in a small corner of U.S. financial markets, affect the entire global banking system? To shed light on this question we use principal components analysis to identify common factors in the movement of banks' credit default swap spreads. We find that fortunes...
Persistent link: https://www.econbiz.de/10012463744
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The Uneasy Case for the Priority of Secured Claims in Bankruptcy : Further Thoughts and a Reply to Critics
Bebchuk, Lucian Arye - 1998
In an earlier article, The Uneasy Case for the Priority of Secured Claims in Bankruptcy,' 105 Yale Law Journal 857 (1996), we suggested that the case for a full priority of secured claims in bankruptcy is an uneasy one. In this paper, we address various reactions and objections to our analysis...
Persistent link: https://www.econbiz.de/10012472333
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Markets and Housing Finance
Warnock, Veronica Cacdac - 2007
, we find that countries with stronger legal rights for borrowers and lenders (through collateral and bankruptcy laws …
Persistent link: https://www.econbiz.de/10012465573
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Bankruptcy and Collateral in Debt Constrained Markets
Kehoe, Timothy J. - 2006
Typical models of bankruptcy and collateral rely on incomplete asset markets. In fact, bankruptcy and collateral add … and Levine (2001) can be implemented in a model with bankruptcy and collateral. The equilibrium allocation is constrained … a model with bankruptcy and collateral is fragile in the sense of Leijonhufvud's "corridor of stability," however: If …
Persistent link: https://www.econbiz.de/10012466005