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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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Deposit and Credit Reallocation in a Banking Panic : The Role of State-Owned Banks
Acharya, Viral V.; Das, Abhiman; Kulkarni, Nirupama; … - National Bureau of Economic Research - 2022
We study a bank run in India in which private bank branches experience sudden and considerable loss of deposits that seek safety in state-owned public sector banks (PSBs). We trace the consequences of this reallocation using granular data on bank-firm relationships and branch balance sheets. The...
Persistent link: https://www.econbiz.de/10013435119
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Mutual Fund Revenue Sharing in 401(k) Plans
Pool, Veronika K.; Sialm, Clemens; Stefanescu, Irina - National Bureau of Economic Research - 2022
Recordkeepers in DC pension plans are often paid indirectly in the form of revenue sharing from third-party funds on the menu. We show that these arrangements affect the investment menu of 401(k) plans. Revenue-sharing funds are more likely to be added to the menu and are less likely to be...
Persistent link: https://www.econbiz.de/10013477213
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Monetary Policy Operations : Theory, Evidence, and Tools for Quantitative Analysis
Lagos, Ricardo; Navarro, Gastón - National Bureau of Economic Research - 2023
We formulate a quantitative dynamic equilibrium theory of trade in the fed funds market, calibrate it to fit a comprehensive set of marketwide and micro-level cross-sectional observations, and use it to make two contributions to the operational side of monetary policy implementation. First, we...
Persistent link: https://www.econbiz.de/10014322758
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Monetary Policy Transmission Through Online Banks
Erel, Isil; Liebersohn, Jack; Yannelis, Constantine; … - National Bureau of Economic Research - 2023
Financial technology has reshaped commercial banking. It has the potential to radically alter the transmission of monetary policy by lowering search costs and expanding bank markets. This paper studies the reaction of online banks to changes in federal fund rates. We find that these banks...
Persistent link: https://www.econbiz.de/10014322768
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Regulatory Arbitrage or Random Errors? Implications of Race Prediction Algorithms in Fair Lending Analysis
Greenwald, Daniel; Howell, Sabrina T.; Li, Cangyuan; … - National Bureau of Economic Research - 2023
disparities in loan approval rates downward by 43%, with greater bias for traditional vs. fintech lenders. Regulation using self …
Persistent link: https://www.econbiz.de/10014337878
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Evolution of Debt Financing toward Less-Regulated Financial Intermediaries in the United States
Erel, Isil; Inozemtsev, Eduard - National Bureau of Economic Research - 2024
important are the distortions in the greater regulation of banks that differentially limit risk-taking across alternative … COVID-19 pandemic shock. We argue that tighter bank regulation has created incentives for nonbanks to increase their …
Persistent link: https://www.econbiz.de/10014486206
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The Secular Decline of Bank Balance Sheet Lending
Buchak, Greg; Matvos, Gregor; Piskorski, Tomasz; Seru, Amit - National Bureau of Economic Research - 2024
, and discusses their implications for the financial system and regulation. We document that the balance sheet share of … how these shifts impact the financial sector's sensitivity to macroprudential regulation. While raising capital … undergone significant transformation, with implications for macroprudential policy and financial regulation …
Persistent link: https://www.econbiz.de/10014486266
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Customer Data Access and Fintech Entry : Early Evidence from Open Banking
Babina, Tania; Bahaj, Saleem; Buchak, Greg; De Marco, … - National Bureau of Economic Research - 2024
Open banking (OB) empowers bank customers to share transaction data with fintechs and other banks. 49 countries have adopted OB policies. Consumer trust in fintechs predicts OB policy adoption and adoption spurs investment in fintechs. UK microdata shows that OB enables: i) consumers to access...
Persistent link: https://www.econbiz.de/10014468288
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Where Do Banks End and NBFIs Begin?
Acharya, Viral V.; Cetorelli, Nicola; Tuckman, Bruce - National Bureau of Economic Research - 2024
substitutes, performing substantially similar activities, with banks inside and NBFIs outside the perimeter of banking regulation … regulation and are such that banks remain special as both routine and emergency liquidity providers to NBFIs. We support this …
Persistent link: https://www.econbiz.de/10014528356