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When Pro-Poor Microcredit Institutions Favor Richer Borrowers - A Moral Hazard Story
Biancini, Sara; Venet, Baptiste; Ettinger, David - 2021
proportion of funds to be granted to the poorer borrower. However, asymmetric information on the effort chosen by the MFI to …
Persistent link: https://www.econbiz.de/10013245624
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The existence of informationally efficient markets when individuals are rational
Muendler, Marc-Andreas - 2004
A rational-expectations equilibrium with positive demand for financial information does exist under fully revealing … average portfolio demand information in equilibrium if they can adjust portfolio size. More information diminishes the … endowments strongly differ from the average portfolio are worse off. Under fully revealing price, information market equilibria …
Persistent link: https://www.econbiz.de/10010261275
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What Drives Financial Development? A Meta-Regression Analysis
Doucouliagos, Chris - 2020
This paper offers a meta-regression analysis of the literature on the drivers of financial development. Our results based on 1900 estimates suggest that institutional quality is positively correlated to both private sector credit and stock market capitalization (both as share of GDP). Domestic...
Persistent link: https://www.econbiz.de/10012830987
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Institutions, Financial Development, and Small Business Survival : Evidence from European Emerging Markets
Iwasaki, Ichiro; Kočenda, Evžen; Shida, Yoshisada - 2021
In this paper, we traced the survival status of 94,401 small businesses in 17 European emerging markets from 2007–2017 and empirically examined the determinants of their survival, focusing on institutional quality and financial development. We found that institutional quality and the level of...
Persistent link: https://www.econbiz.de/10013315145
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Financial Development and Export Concentration
Unger, Florian - 2023
This paper analyzes the impact of financial development on export concentration. I incorporate credit constraints into a trade model with heterogeneous exporters and endogenous quality choice. The model predicts that financial development increases innovation activity and export shares of larger...
Persistent link: https://www.econbiz.de/10014255423
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Tech in Fin Before FinTech : Blessing or Curse for Financial Stability?
Pierri, Nicola - 2020
Motivated by the world-wide surge of FinTech lending, we analyze the implications of lender' information technology … novel dataset that provides information on hardware used in US commercial bank branches after mapping them to their parent …
Persistent link: https://www.econbiz.de/10012842385
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Uncertainty and the Cost of Bank vs. Bond Finance
Grimme, Christian - 2019
for banks. To reduce uncertainty, banks acquire additional costly information about borrowers. More information increases …
Persistent link: https://www.econbiz.de/10012892132
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Contagion Testing in Embryonic Markets Under Alternative Stressful US Market Scenarios
R. Mahadeo, Scott M. - 2020
We consolidate alternative ways for identifying stable and stressful scenarios in the S&P 500 market to construct contagion tests for recipient markets vulnerable to disturbances from this source market. The S&P 500 is decomposed into discrete conditions of: (1) Tranquil versus turbulent...
Persistent link: https://www.econbiz.de/10012843432
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Financial Cycles, Credit Bubbles and Stabilization Policies
Corrado, Luisa - 2019
This paper analyzes the effects of several policy instruments to mitigate financial bubbles generated in the banking sector. We augment a New Keynesian macroeconomic framework by endogenizing boundedly-rational expectations on asset values of loan portfolios and allow for interbank trading. We...
Persistent link: https://www.econbiz.de/10012892165
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Financial Frictions and the Wealth Distribution
Fernández-Villaverde, Jesús - 2020
We postulate a nonlinear DSGE model with a financial sector and heterogeneous households. In our model, the interaction between the supply of bonds by the financial sector and the precautionary demand for bonds by households produces significant endogenous aggregate risk. This risk induces an...
Persistent link: https://www.econbiz.de/10012825400