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Housing Collateral, Credit Constraints and Entrepreneurship - Evidence from a Mortgage Reform
Laerkholm Jensen, Thais; Leth-Petersen, Søren; Nanda, … - C.E.P.R. Discussion Papers - 2014
We study how a mortgage reform that exogenously increased access to credit had an impact on entrepreneurship, using … point increase in entrepreneurship, equivalent to a 4% increase in the number of entrepreneurs. New entrants were more … benefit from the reform. Our results provide evidence that credit constraints do affect entrepreneurship, but that the overall …
Persistent link: https://www.econbiz.de/10011084236
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When Arm’s Length Is Too Far. Relationship Banking over the Business Cycle
Beck, Thorsten; de Haas, Ralph; Degryse, Hans; Van … - C.E.P.R. Discussion Papers - 2014
Using a novel way to identify relationship and transaction banks, we study how banks’ lending techniques affect funding to SMEs over the business cycle. For 21 countries we link the lending techniques that banks use in the direct vicinity of firms to these firms’ credit constraints at two...
Persistent link: https://www.econbiz.de/10011083851
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Uncertainty Aversion and Systemic Risk
Dicks, David L.; Fulghieri, Paolo - C.E.P.R. Discussion Papers - 2015
management of financial crisis …
Persistent link: https://www.econbiz.de/10011213303
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A Model of Liquidity Hoarding and Term Premia in Inter-Bank Markets
Acharya, Viral V; Skeie, David - C.E.P.R. Discussion Papers - 2011
Financial crises are associated with reduced volumes and extreme levels of rates for term inter-bank transactions, such as in one-month and three-month LIBOR markets. We provide an explanation of such stress in term lending by modelling leveraged banks’ precautionary demand for liquidity. When...
Persistent link: https://www.econbiz.de/10009385771
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Are Banks Passive Liquidity Backstops? Deposit Rates and Flows during the 2007-2009 Crisis
Acharya, Viral V; Mora, Nada - C.E.P.R. Discussion Papers - 2011
Can banks maintain their advantage as liquidity providers when they are heavily exposed to a financial crisis? The … deposit rates and inflows during the 2007-09 crisis. Our results indicate that the role of the banking system as a stabilizing … present a nuanced view of deposit rates and flows to banks in a crisis, one that reflects banks not just as safety havens but …
Persistent link: https://www.econbiz.de/10009399713
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Asset Commonality, Debt Maturity and Systemic Risk
Allen, Franklin; Babus, Ana; Carletti, Elena - C.E.P.R. Discussion Papers - 2011
We develop a model in which asset commonality and short-term debt of banks interact to generate excessive systemic risk. Banks swap assets to diversify their individual risk. Two asset structures arise. In a clustered structure, groups of banks hold common asset portfolios and default together....
Persistent link: https://www.econbiz.de/10009205064
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Liquidity Hoarding and Interbank Market Spreads: The Role of Counterparty Risk
Heider, Florian; Hoerova, Marie; Holthausen, Cornelia - C.E.P.R. Discussion Papers - 2010
explanation for observed developments in the interbank market before and during the 2007-09 financial crisis (dramatic increases …
Persistent link: https://www.econbiz.de/10008530367
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Moral and Social Constraints to Strategic Default on Mortgages
Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - C.E.P.R. Discussion Papers - 2009
We use survey data to study American households’ propensity to default when the value of their mortgage exceeds the value of their house even if they can afford to pay their mortgage (strategic default). We find that 26% of the existing defaults are strategic. We also find that no household...
Persistent link: https://www.econbiz.de/10005039578
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Liquidity shocks, roll-over risk and debt maturity
Segura, Anatoli; Suarez, Javier - C.E.P.R. Discussion Papers - 2011
We develop an infinite horizon model of an economy in which banks finance long term assets by placing non-tradable debt among savers. Banks choose the overall principal, interest rate, and maturity of their debt taking into account two opposite forces: (i) investors' preference for short...
Persistent link: https://www.econbiz.de/10008921772
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Betting the House
Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 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/10011145419