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Pooling, Tranching and Credit Expansion
Bougheas, Spiros - 2013
Traditionally banks have used securitization for expanding credit and thus their profitability. It has been well documented that, at least before the 2008 crisis, many banks were keeping a high proportion of the securities that they created on their own balance-sheets. Those securities retained...
Persistent link: https://www.econbiz.de/10013090691
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Bank Capital Regulation with an Opportunistic Rating Agency
Efing, Matthias - 2013
This paper models the strategic interaction between a rating agency, a bank and a bank regulator who lacks information … rating-independent capital requirements. Truthful ratings provide efficiency gains because they allow the regulator to … rating agency and the bank corrupts rating quality, rating-independent regulation enhances welfare. The welfare benefits are …
Persistent link: https://www.econbiz.de/10013080503
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Pooling, Tranching and Credit Expansion
Bougheas, Spiros - CESifo - 2012
Traditionally banks have used securitization for expanding credit and thus their profitability. It has been well documented that, at least before the 2008 crisis, many banks were keeping a high proportion of the securities that they created on their own balance-sheets. Those securities retained...
Persistent link: https://www.econbiz.de/10010555214
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Bank Capital Regulation with an Opportunistic Rating Agency
Efing, Matthias - CESifo - 2013
This paper models the strategic interaction between a rating agency, a bank and a bank regulator who lacks information … rating-independent capital requirements. Truthful ratings provide efficiency gains because they allow the regulator to … rating agency and the bank corrupts rating quality, rating-independent regulation enhances welfare. The welfare benefits are …
Persistent link: https://www.econbiz.de/10010667420
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Towards a Theory of Trade Finance
Schmidt-Eisenlohr, Tim - 2013
Shipping goods internationally is risky and takes time. To allocate risk and to finance the time gap between production and sale, a range of payment contracts is utilized. I study the optimal choice between these payment contracts considering one shot transactions, repeated transactions and...
Persistent link: https://www.econbiz.de/10013093523
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Why Do Trade Finance Gaps Persist : Does It Matter for Trade and Development?
Auboin, Marc - 2017
Trade finance shortfalls now appear regularly. Does this matter for trade expansion and economic development in developing countries? Global trade finance has resumed following the 2009 global financial crisis. However, the pattern of recovery has been uneven across countries and categories of...
Persistent link: https://www.econbiz.de/10012956721
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What If Firms Could Borrow More? Evidence from a Natural Experiment
Brown, James R. - 2015
We study the effects of a unique lending program initiated by the Swedish government at the height of the financial crisis that allowed firms to suspend payment of all labor-related taxes and fees. Comprehensive administrative data on all Swedish firms show that firms borrowing from the program...
Persistent link: https://www.econbiz.de/10013018206
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How Has the Global Financial Crisis Affected Syndicated Loan Terms in Emerging Markets? Evidence from China
Caporale, Guglielmo Maria - 2015
This paper examines the impact of the recent global financial crisis on the cost of debt capital (syndicated loans) in a leading emerging market, namely China, using difference-in-differences and GARCH approaches. Before the crisis China adopted banking reforms allowing entry of foreign banks...
Persistent link: https://www.econbiz.de/10013021756
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The Impact of Basel III on Trade Finance : The Potential Unintended Consequences of the Leverage Ratio
Auboin, Marc - 2014
Trade finance, particularly in the form of short-term letters of credit has received favourable capital treatment new Basel III rules. However, concerns have been expressed over the potential negative “unintended consequences” of the newly created leverage ratio for trade. This paper offers...
Persistent link: https://www.econbiz.de/10013046587
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Payment Choice in International Trade : Theory and Evidence from Cross-Country Firm Level Data
Hoefele, Andreas - 2013
When trading, firms choose between different payment contracts. As shown theoretically in Schmidt-Eisenlohr (forthcoming), this allows firms in international trade to optimally trade-off differences in financing costs and enforcement across countries. This paper provides evidence from a large...
Persistent link: https://www.econbiz.de/10013077465