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Bebchuk, Lucian; Goldstein, Itay - National Bureau of Economic Research (NBER) - 2010

This paper develops a model of a self-fulfilling credit market freeze and uses it to study alternative governmental responses to such a crisis. We study an economy in which operating firms are interdependent, with their success depending on the ability of other operating firms to obtain...

Persistent link: https://www.econbiz.de/10008635935

Credit, Financial Stability, and the Macroeconomy

Taylor, Alan M. - National Bureau of Economic Research (NBER) - 2015

Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...

Persistent link: https://www.econbiz.de/10011207908

The Great Mortgaging: Housing Finance, Crises, and Business Cycles

Jorda, Oscar; Taylor, Alan M.; Schularick, Moritz - National Bureau of Economic Research (NBER) - 2014

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for …

Persistent link: https://www.econbiz.de/10010969257

The Consequences of Mortgage Credit Expansion: Evidence from the 2007 Mortgage Default Crisis

Mian, Atif; Sufi, Amir - National Bureau of Economic Research (NBER) - 2008

We demonstrate that a rapid expansion in the supply of mortgages driven by disintermediation explains a large fraction of recent U.S. house price appreciation and subsequent mortgage defaults. We identify the effect of shifts in the supply of mortgage credit by exploiting within-county variation...

Persistent link: https://www.econbiz.de/10005714377

Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market

Mian, Atif; Khwaja, Asim Ijaz - National Bureau of Economic Research (NBER) - 2006

Pakistan, and exploiting cross-bank variation in liquidity shocks induced by the unanticipated nuclear tests in 1998. We … isolate the causal impact of the bank lending channel by showing that for the same firm borrowing from two different banks …, its loan from the bank experiencing a 1% larger decline in liquidity drops by an additional 0.6%. The liquidity shock also …

Persistent link: https://www.econbiz.de/10005720707

Fire Sales in Finance and Macroeconomics

Shleifer, Andrei; Vishny, Robert W. - National Bureau of Economic Research (NBER) - 2010

Fire sales are forced sales of assets in which high-valuation bidders are sidelined, typically due to debt overhang problems afflicting many specialist bidders simultaneously. We overview theoretical and empirical research on asset fire sales, which shows how they can arise, how they can lead to...

Persistent link: https://www.econbiz.de/10008776830

An Anatomy of Credit Booms and their Demise

Mendoza, Enrique G.; Terrones, Marco E. - National Bureau of Economic Research (NBER) - 2012

What are the stylized facts that characterize the dynamics of credit booms and the associated fluctuations in macro-economic aggregates? This paper answers this question by applying a method proposed in our earlier work for measuring and identifying credit booms to data for 61 emerging and...

Persistent link: https://www.econbiz.de/10011133510

Inside and Outside Collateral: Implications for Financial Market Instability

Cooper, Russell; Boissay, Frédéric - National Bureau of Economic Research (NBER) - 2014

This paper studies the fragility of interbank markets. Due to moral hazard and asymmetric information problems, collateral along with borrowing constraints are needed to provide appropriate incentives for banks. A key element of the analysis is the distinction between collateral based upon...

Persistent link: https://www.econbiz.de/10011079871

Betting the House

Jorda, Oscar; Taylor, Alan M.; Schularick, Moritz HP. - National Bureau of Economic Research (NBER) - 2014

Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...

Persistent link: https://www.econbiz.de/10011106101

An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data

Mendoza, Enrique G.; Terrones, Marco E. - National Bureau of Economic Research (NBER) - 2008

external financing, and bank-level indicators of banking fragility. Credit booms in industrial and emerging economies show …

Persistent link: https://www.econbiz.de/10005723113

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