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Banks Exposure to Interest Rate Risk and The Transmission of Monetary Policy
Landier, Augustin; Sraer, David; Thesmar, David - C.E.P.R. Discussion Papers - 2014
We show that banks' cash flow exposure to interest rate risk, or income gap, plays a crucial role in their lending behavior following monetary policy shocks. In a first step, we show that the sensitivity of bank profits to interest rates increases significantly with their income gap, even when...
Persistent link: https://www.econbiz.de/10011145414
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Information Sharing, Lending and Defaults: Cross-Country Evidence
Jappelli, Tullio; Pagano, Marco - C.E.P.R. Discussion Papers - 1999
Theory predicts that information sharing among lenders attenuates adverse selection and moral hazard, and can therefore increase lending and reduce default rates. To test these predictions, we construct a new international data set on private credit bureaus and public credit registers. We find...
Persistent link: https://www.econbiz.de/10005497918
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Market Structure and Borrower Welfare in Microfinance
de Quidt, Jonathan; Fetzer, Thiemo; Ghatak, Maitreesh - C.E.P.R. Discussion Papers - 2012
Motivated by recent controversies surrounding the role of commercial lenders in microfinance, we analyze borrower …
Persistent link: https://www.econbiz.de/10011083818
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The miracle of microfinance? Evidence from a randomized evaluation
Banerjee, Abhijit; Duflo, Esther; Glennerster, Rachel; … - C.E.P.R. Discussion Papers - 2013
of a particular microfinance institution (Spandana) while the remainder were not, although other MFIs were free to enter …. We found no changes in any of the development outcomes that are often believed to be affected by microfinance, including …
Persistent link: https://www.econbiz.de/10011084414
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The Diffusion of Microfinance
Banerjee, Abhijit; Chandrasekhar, Arun G; Duflo, Esther; … - C.E.P.R. Discussion Papers - 2012
We examine how participation in a microfinance program diffuses through social networks. We collected detailed … demographic and social network data in 43 villages in South India before microfinance was introduced in those villages and then … first informed about the program, "the injection points". Microfinance participation is higher when the injection points …
Persistent link: https://www.econbiz.de/10011084550
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Estimating the impact of microcredit on those who take it up: Evidence from a randomized experiment in Morocco
Crépon, Bruno; Devoto, Florencia; Duflo, Esther; … - C.E.P.R. Discussion Papers - 2014
Morocco starting in 2006 by Al Amana, the country’s largest microfinance institution. Al Amana was the only MFI operating in …
Persistent link: https://www.econbiz.de/10011084580
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Uncertainty Aversion and Systemic Risk
Dicks, David L.; Fulghieri, Paolo - C.E.P.R. Discussion Papers - 2015
We propose a new theory of systemic risk based on Knightian uncertainty (or "ambiguity"). We show that, due to uncertainty aversion, beliefs on future asset returns are endogenous, and bad news on one asset class induces investors to be more pessimistic about other asset classes as well. This...
Persistent link: https://www.econbiz.de/10011213303
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Bank Credit Tightening, Debt Market Frictions and Corporate Yield Spreads
Massa, Massimo; Zhang, Lei - C.E.P.R. Discussion Papers - 2015
We study how debt market frictions constraining the ability to replace bank with bond financing during a tightening in bank credit supply affect corporate yield spreads. We document that more inflexible firms suffer bigger increases in bond yield spreads as bank credit supply tightens. Debt...
Persistent link: https://www.econbiz.de/10011252612
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Insolvency After the 2005 Bankruptcy Reform
Albanesi, Stefania; Nosal, Jaromir - C.E.P.R. Discussion Papers - 2015
Using a comprehensive panel data set on U.S. households, we study the effects of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), the most substantive reform of personal bankruptcy in the United States since the Bankruptcy Reform Act of 1978. The 2005 legislation...
Persistent link: https://www.econbiz.de/10011252618
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Fire Sales and Information Advantage: When Informed Investor Helps
Massa, Massimo; Zhang, Lei - C.E.P.R. Discussion Papers - 2015
We study the relation between information and fire sales during a crisis. We argue that the reinforcing effect of funding liquidity on market liquidity is weaker when investors have more information about the assets facing sudden price drops (Brunnermeier and Pedersen, 2009). We focus on the...
Persistent link: https://www.econbiz.de/10011252619