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Financial Development, Long-Term Finance and the Macroeconomy : The Role of Secondary Markets
Uras, Burak R. - Tilburg University, Center for Economic Research - 2014
The paper develops a dynamic general equilibrium model of financial markets<br/>and macroeconomy. In the model, long-term debt is extended to firms in a<br/>primary market and then traded in a secondary market among financiers. Two<br/>financial frictions that are ex-ante and ex-post with respect to the...
Persistent link: https://www.econbiz.de/10011144437
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Bank Reputation in the Private Debt Market
McCahery, J.A.; Schwienbacher, A. - Tilburg University, Center for Economic Research - 2011
We examine the impact of lead arrangers’ reputation on the design of loan contracts such as spread and fees charged. Controlling for the non-randomness of the lender-borrower match (self-selection bias), we find that the reputation of top tier arrangers leads to higher spreads, and that top...
Persistent link: https://www.econbiz.de/10011091626
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Tranching in the Syndicated Loan Market
Cumming, D.; McCahery, J.A.; Schwienbacher, A. - Tilburg University, Center for Economic Research - 2011
We use data comprising over 100,000 loans from 115 countries during 1995-2009 to examine factors that affect the extent of loan tranching, and the range of tranche spreads. The data show five factors that drive them: asymmetric information, borrower risk, transaction costs, the presence of...
Persistent link: https://www.econbiz.de/10011092615
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Regional Inflation, Financial Integration and Dollarization (This is a revision of CentER DP 2013-073)
de Haas, R.; Brown, M.; Sokolov, V. - Tilburg University, Center for Economic Research - 2015
We exploit variation in consumer price inflation across 71 Russian regions to examine the relationship between the perceived stability of the domestic currency and financial dollarization. Our results show that regions with higher inflation experience an increase in the dollarization of...
Persistent link: https://www.econbiz.de/10011199227
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The Procyclical Effects of Bank Capital Regulation
Repullo, R.; Suarez, J. - Tilburg University, Center for Economic Research - 2010
We assess the procyclical effects of bank capital regulation in a dynamic equilibrium model of relationship lending in …
Persistent link: https://www.econbiz.de/10011090813
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The Impact of Bank and Non-Bank Financial Institutions on Local Economic Growth in China
Degryse, Hans; Cheng, X. - Tilburg University, Center for Economic Research - 2006
of institutions - banks and non-bank financial institutions - have a (significantly different) impact on local economic …
Persistent link: https://www.econbiz.de/10011091707
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Monetary Policy, Risk-Taking, and Pricing : Evidence from a Quasi-Natural Experiment
Ioannidou, Vasso; Ongena, S.; Peydro, J.L. - Tilburg University, Center for Economic Research - 2009
We analyse the impact of monetary policy on bank risk-taking and pricing. Bolivia provides us with an excellent … impact of the federal funds rate on the riskiness and pricing of new bank loans granted in Bolivia between 1999 and 2003, a … rate prior to loan origination raises the monthly probability of default on individual bank loans. We also find that …
Persistent link: https://www.econbiz.de/10011092146
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Hazardous Times for Monetary Policy : What do Twenty-three Million Bank Loans Say about the Effects of Monetary Policy on Credit Risk?
Jiminez, G.; Ongena, S.; Saurina, J. - Tilburg University, Center for Economic Research - 2007
We investigate the impact of the stance and path of monetary policy on the level of credit risk of individual bank … loans and on lending standards. We employ the Credit Register of the Bank of Spain that contains detailed monthly … – generating almost twenty-three million bank loan records in total. Spanish monetary conditions were exogenously determined during …
Persistent link: https://www.econbiz.de/10011092338
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Regional Inflation and Financial Dollarization
Brown, M.; de Haas, R.; Sokolov, V. - Tilburg University, Center for Economic Research - 2013
Abstract: We exploit variation in consumer price inflation across 71 Russian regions to examine the relationship between the perceived stability of the local currency and financial dollarization. Our results show that regions with higher inflation experience an increase in the dollarization of...
Persistent link: https://www.econbiz.de/10011092469
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Credit Supply versus Demand : Bank and Firm Balance-Sheet Channels in Good and Crisis Times
Jimenez Porras, G.; Ongena, S.; Peydro, J.L.; Saurina, J. - Tilburg University, Center for Economic Research - 2012
application-, bank-, and firm-level data. Access to a dataset of loan applications in Spain that is matched with complete bank and … firm balance-sheet data covering the period from 2002 to 2010 allows us to identify bank and firm balancesheet channels. We … find robust evidence showing that bank balance-sheet strength determines the success of loan applications and the granting …
Persistent link: https://www.econbiz.de/10011092853