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Does Trust among Banks Matter for Bilateral Trade? Evidence from Shocks in the Interbank Market

Del Prete, Silvia - 2019

Do financial crises have an impact on trade flows via a shock to corporate risk or to bank risk? Focusing on Italy's exports during a period characterized by both the global financial crisis and by the sovereign debt crisis, we exploit the prediction of standard trade models according to which...

Persistent link: https://www.econbiz.de/10012865223

Trade and Finance : Is There More than Just 'Trade Finance'? Evidence from Matched Bank-Firm Data

Del Prete, Silvia - 2014

Using unique matched bank-firm data on export, import and ordinary loans for a large sample of Italian manufacturing exporters for the years 2007-2010, this paper investigates the role of trade finance in a credit shock. We find that the credit shock faced by exporters in the aftermath of the...

Persistent link: https://www.econbiz.de/10013056051

Banking Consolidation and Bank-Firm Credit Relationships : The Role of Geographical Features and Relationship Characteristics

Beretta, Enrico - 2013

Using data on single credit relationships, the paper shows that after a merger or an acquisition, involving two or more banks which had previously jointly financed the same firm, the share of credit granted to the client by the consolidated intermediaries moderately decreases over three years....

Persistent link: https://www.econbiz.de/10013082526

Judicial Efficiency and Bank Credit to Firms

Rodano, Giacomo - 2021

This paper analyses empirically the effect of judicial efficiency on bank credit contractual terms for the universe of … characteristics. The results show that judicial efficiency is associated with a reduction in the cost of credit as well as with an … increase in its availability for firms, in particular for those at high risk of default. Judicial efficiency increases leverage …

Persistent link: https://www.econbiz.de/10013226485

A Quantitative Analysis of Risk Premia in the Corporate Bond Market

Cecchetti, Sara - 2017

We propose an econometric model to decompose corporate bond spreads into compensation required by investors for unpredictable future changes in the credit environment and for expected default losses. We use the model to understand whether the significant reduction in corporate bond spreads...

Persistent link: https://www.econbiz.de/10012944035

An Analysis of Sovereign Credit Risk Premia in the Euro Area : Are They Explained by Local or Global Factors?

Cecchetti, Sara - 2020

We study the determinants of sovereign credit risk in the euro area in a time period that includes the financial and sovereign debt crisis, as well as the unconventional monetary policy adopted by the European Central Bank. First, we detect the presence of commonality in sovereign credit spreads...

Persistent link: https://www.econbiz.de/10012832740

Monetary policy in the open economy with digital currencies

Cova, Pietro; Notarpietro, Alessandro; Pagano, Patrizio; … - 2022

We assess the transmission of a monetary policy shock in a two-country New Keynesian model featuring a global private stablecoin and a central bank digital currency (CBDC). In the model, cash and digital currencies are imperfect substitutes that differ as to the liquidity services they provide....

Persistent link: https://www.econbiz.de/10013288936

When the Highest Bidder Loses the Auction

Decarolis, Francesco - 2019

In this paper I study two methods often used in public procurement to deal with the risk that the winning bidder may default on his bid: augmenting the standard first price auction with an ex-post verification of the responsiveness of the bids and using an average bid auction. I show that when...

Persistent link: https://www.econbiz.de/10014045886

Information Technology and Banking Organization

Mocetti, Sauro - 2010

We investigate the impact of information and communication technologies (ICT) on local loan officers' autonomy in small business lending. We derive a simple agency model of the interaction between a local branch manager and the headquarters, which yields an estimable equation for the optimal...

Persistent link: https://www.econbiz.de/10013138578

Outsourcing Versus Integration at Home or Abroad

Federico, Stefano - 2010

Using data on a sample of Italian manufacturing companies, this paper analyzes the location (at home or abroad) and the mode of organization (outsourcing versus integration) of intermediate inputs production. We find evidence of a productivity ordering (largely consistent with the assumptions in...

Persistent link: https://www.econbiz.de/10013138605

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