Showing 1 - 10 of 1,907
Do macroprudential regulations on residential lending influence commercial lending behavior too? To answer this question, we identify the compositional changes in banks' supply of credit using the variation in their holdings of residential mortgages on which extra capital requirements were...
Persistent link: https://www.econbiz.de/10012861456
tested hypotheses. They also reveal persistent fragmentation between EMU core and periphery banking systems caused by a … deficit of trust in periphery banking systems, unmitigated by the introduction of OMT and European Banking Union. Our findings …
Persistent link: https://www.econbiz.de/10012891054
We study the extent of fraud in initial coin offerings (ICOs), and whether information disclosure prior to the issuance … predicts fraud. We document different types of fraud, and that fraudulent ICOs are on average much larger than the sample … suggests that there are risks related to disclosing the code. Generally, we find it extremely difficult to predict fraud with …
Persistent link: https://www.econbiz.de/10012858204
There are two important problems in welfare benefit programs: the prevalence of welfare fraud, in which ineligible … the long run, one of which entails low welfare fraud and 100% incomplete take-up and the other of which entails high … welfare fraud and complete take-up in either model, and, moreover, that an interior stationary equilibrium that allows for the …
Persistent link: https://www.econbiz.de/10013315183
This paper studies the role of a lender of last resort (LLR) in a monetary model where a shortage of a bank’s monetary reserves (a liquidity crisis) occurs endogenously. We show that discount window lending by the LLR is welfare-improving but reduces banks’ ex-ante incentive to hold monetary...
Persistent link: https://www.econbiz.de/10014356320
reserves (or a banking panic) occurs endogenously. We show that while a discount window policy introduced by the LLR is welfare …
Persistent link: https://www.econbiz.de/10012892137
We study differences in the price paid for liquidity across banks using price data at the individual bank level. Unique to this paper, we also have data on individual banks' reserve requirements and actual reserve holdings, thus allowing us to gauge the extent to which a bank is short or long...
Persistent link: https://www.econbiz.de/10010264580
How does uncertainty affect the costs of raising finance in the bond market and via bank loans? Empirically, this paper finds that heightened uncertainty is accompanied by an increase in corporate bond yields and a decrease in bank lending rates. This finding can be explained with a model that...
Persistent link: https://www.econbiz.de/10012892132
How do banks facilitate creative destruction and shape firm turnover? We develop a dynamic general equilibrium model of bank credit reallocation with endogenous firm entry and exit that allows for both theoretical and quantitative analysis. By restructuring loans to firms with poor prospects and...
Persistent link: https://www.econbiz.de/10014241611
How can tax policy improve financial stability? Recent studies suggest large stability gains from eliminating the debt bias in corporate taxation. It is well known that this reform reduces bank leverage. This paper analyzes a novel, complementary channel: risk taking. We model banks’ portfolio...
Persistent link: https://www.econbiz.de/10013250732