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The Aino 3.0 Model
Silvo, Aino; Verona, Fabio - 2021
macroeconomic and macroprudential policies. We show how the availability of a durable consumption good (housing), on the one hand …
Persistent link: https://www.econbiz.de/10013315311
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House Prices, Lending Standards, and the Macroeconomy
Silvo, Aino - 2018
I study the link between house prices, lending standards, and aggregate over-investment in housing. I develop a model of the housing market where the credit market is affected by asymmetric information. Selection is towards less creditworthy borrowers. Asymmetric information coupled with...
Persistent link: https://www.econbiz.de/10012934706
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Lone (Loan) Wolf Pack Risk
Gao, Mingze; Hasan, Iftekhar; Qiu, Buhui; Wu, Eliza - 2023
This paper proposes an early-warning bank risk measure based on the syndicate concentration of recent syndicated loans that a bank participates in. At the bank level, higher values of the measure predict greater risks (i.e., loan loss provisions, idiosyncratic return volatility, default...
Persistent link: https://www.econbiz.de/10014259305
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Euler Consumption Equation with Non-Separable Preferences over Consumption and Leisure and Collateral Constraints
Kilponen, Juha - 2009
This paper derives and estimates an aggregate Euler consumption equation which allows one to compare the importance of … collateral constraints and non-separability of consumption and leisure as alternative sources of excess sensitivity of … consumption to current income. Estimation results suggest that during a severe financial distress both non-separability and …
Persistent link: https://www.econbiz.de/10013158381
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The Net Worth Trap : Investment and Output Dynamics in the Presence of Financing Constraints
Isohätälä, Jukka - 2014
​We study the impact of financing constraints on investment and output dynamics, in a continuous time setting with output a linear function of capital. Decline of net worth reduces investment and, if firms can rent capital to unconstrained outside investors, can create a 'net worth trap' with...
Persistent link: https://www.econbiz.de/10013043934
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Central Bank Liquidity Auction Mechanism Design and the Interbank Market
Ollikka, Kimmo - 2013
We study whether the mechanism design in the central bank liquidity auctions matters for the interbank money market interest rate levels and volatility. Furthermore, we compare different mechanisms to sell liquidity in terms of revenue, efficiency and auction stage interest rate levels and...
Persistent link: https://www.econbiz.de/10013075449
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The 1990's Financial Crises in Nordic Countries
Honkapohja, Seppo - 2009
The current financial crisis, which has lasted almost one and a half years, is the 19th such crisis in the post-war period in advanced economies. Recent literature classifies the Nordic crises in Norway, Sweden and Finland in late 1980's and early 1990's among the Big Five crises that have...
Persistent link: https://www.econbiz.de/10013158447
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Enforcement of Banking Regulation and the Cost of Borrowing
Deli, Yota - 2018
We show that borrowing firms benefit substantially from important enforcement actions issued on U.S. banks for safety and soundness reasons. Using hand-collected data on such actions from the main three U.S. regulators and syndicated loan deals over the years 1997-2014, we find that enforcement...
Persistent link: https://www.econbiz.de/10012909236
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Banking Fragility and Distress : An Econometric Study of Macroeconomic Determinants
Pesola, Jarmo - 2018
The macroeconomic determinants of banking sector distresses in the Nordic countries, Belgium, Germany, Greece, Spain and the UK are analysed using an econometric model estimated on panel data from partly the early 1980s to 2002.The dependent variable is the ratio of banks' loan losses to...
Persistent link: https://www.econbiz.de/10012933190
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Bank Interest Rates in a Small European Economy : Some Exploratory Macro Level Analyses Using Finnish Data
Kauko, Karlo - 2018
This paper presents econometric analyses on the determination of bank deposit and lending rates using longitudinal Finnish data. Interest rate pass-through is very strong, possibly complete, in the case of lending rates; in the case of deposit rates the pass-through is far from complete, even in...
Persistent link: https://www.econbiz.de/10012933197