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Complementarities and Games: New Developments

Vives, Xavier - C.E.P.R. Discussion Papers - 2004

The theory of monotone comparative statics and supermodular games is presented as the appropriate tool to model complementarities. The approach, which has not yet been fully incorporated into the standard toolbox of researchers, makes the analysis intuitive and simple, helps in deriving new...

Persistent link: https://www.econbiz.de/10005123543

A Model of Credit Risk, Optimal Policies and Asset Prices

Basak, Suleyman; Shapiro, Alex - C.E.P.R. Discussion Papers - 2002

, borrowers' default policies render binary options useful instruments for lenders in hedging the credit-risk component of their … and volatility in contrast to the exogenously assumed constant mean and volatility in many credit risk models. We consider … in upturns, compared to an economy without the presence of credit risk. …

Persistent link: https://www.econbiz.de/10005788927

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 …

Persistent link: https://www.econbiz.de/10011145419

Corporate Debt Restructuring: Evidence on Lending Coordination in Financial Distress

Brunner, Antje; Krahnen, Jan Pieter - C.E.P.R. Discussion Papers - 2001

that contains detailed credit-file information on distressed lending relationships in Germany, including information on …

Persistent link: https://www.econbiz.de/10005123994

Endogenous Communication Among Lenders and Entrepreneurial Incentives

Padilla, Atilano Jorge; Pagano, Marco - C.E.P.R. Discussion Papers - 1996

When banks have an informational monopoly about their borrowers, the latter incentives can be thwarted by the fear that the return on their effort will be partly appropriated by their banks via high future interest rates. Banks can correct this incentive problem through a commitment to share...

Persistent link: https://www.econbiz.de/10005124286

Multiple Lenders and Corporate Distress: Evidence on Debt Restructuring

Brunner, Antje; Krahnen, Jan Pieter - C.E.P.R. Discussion Papers - 2004

credit-fie information on distressed lending relationships in Germany. In particular, it includes information on bank pools …

Persistent link: https://www.econbiz.de/10005504452

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

Spillover Effects, Bank Lending and Growth

Altug, Sumru G.; Usman, Murat - C.E.P.R. Discussion Papers - 2004

opportunities and asymmetric information in credit markets. We show that such features may lead to strategic considerations in the …

Persistent link: https://www.econbiz.de/10005789112

Bank Lending and Property Prices in Hong Kong

Gerlach, Stefan; Peng, Wensheng - C.E.P.R. Discussion Papers - 2004

and property prices is large, our results suggest that the direction of influence goes from property prices to bank credit …

Persistent link: https://www.econbiz.de/10005661824

Rollover Risk and Market Freezes

Acharya, Viral V; Gale, Douglas M; Yorulmazer, Tanju - C.E.P.R. Discussion Papers - 2009

We consider the debt capacity of a risky asset when debt is being rolled over and there is a liquidation cost in case of default. We show that debt capacity depends on how information about the quality of the asset is revealed. When the information structure is based on “optimistic”...

Persistent link: https://www.econbiz.de/10004980204

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