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Shocks to bank lending, risk-taking, securitization, and their role for US business cycle fluctuations
Peersman, Gert; Wagner, Wolf - 2014
Shocks to bank lending, risk-taking and securitization activities that are orthogonal to real economy and monetary … type of shock. Expansionary securitization shocks lead to a permanent rise in real GDP and a fall in inflation. Bank … using a model of bank risk-taking and securitization. …
Persistent link: https://www.econbiz.de/10010257361
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Using bankruptcy to reduce foreclosures : does strip-down of mortgages affect the supply of mortgage credit?
Li, Wenli; Ishani, Tewari; White, Michelle J. - 2014 - Current version: February 2014
We assess the credit market impact of allowing mortgage "strip-down" as a foreclosure-prevention measure, where strip-down reduces the principal of underwater residential mortgages to the current market value of the property for homeowners in Chapter 13 bankruptcy. Our identification is provided...
Persistent link: https://www.econbiz.de/10010337629
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Strategic complementarity, fragility, and regulation
Vives, Xavier - 2011 - Rev. May 2011
The paper analyzes a very stylized model of crises and demonstrates how the degree of strategic complementarity in the actions of investors is a critical determinant of fragility. It is shown how the balance sheet composition of a financial intermediary, parameters of the information structure...
Persistent link: https://www.econbiz.de/10009230899
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Ageing and the tax implied in public pension schemes : simulations for selected OECD countries
Fenge, Robert; Werding, Martin - 2003
, this will be illustrated for the cases of France, Germany, Italy, Japan, Sweden, the UK, and the US. The results are based …
Persistent link: https://www.econbiz.de/10011514127
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Historical analysis of national subjective wellbeing using millions of digitized books
Hills, Thomas; Proto, Eugenio; Sgroi, Daniel - 2016
from millions of digitized books for the USA, UK, Germany, France, Italy and Spain. While existing measures go back at most …
Persistent link: https://www.econbiz.de/10011476047
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The economic effects of immigration restriction policies : evidence from the Italian mass migration to the US
Coluccia, Davide M.; Spadavecchia, Lorenzo - 2021
This article studies the impact of immigration restriction policies on technology adoption in sending countries. From 1920 to 1921, the number of Italian immigrants to the United States dropped by 85% after Congress passed the Emergency Quota Act, a severely restrictive immigration law. In a...
Persistent link: https://www.econbiz.de/10012649765
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The world's rust belts : the heterogeneous effects of deindustrialization on 1,993 cities in six countries
Gagliardi, Luisa; Moretti, Enrico; Serafinelli, Michel - 2023
, Italy, Japan, and the United States. In all six countries we find a strong negative relationship between a city's share of …
Persistent link: https://www.econbiz.de/10014444059
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Portfolio sales and signaling
Bougheas, Spiros P.; Worrall, Timothy - 2017
A common practice of banks has been to pool assets of different qualities and then sell a fraction of the newly created portfolios to investors. We extend the signaling model for single sales of risky assets to portfolio sales. We identify conditions under which signaling at the portfolio level...
Persistent link: https://www.econbiz.de/10011610925
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Securitization of mortgage debt, asset prices and international risk sharing
Hoffmann, Mathias; Nitschka, Thomas - 2009
We explore the impact of mortgage securitization on the international diversification of macroeconomic risk. By making … mortgage-related risks internationally tradeable, securitization contributes considerably to better international consumption … countries that do not allow for mortgage securitization. Our results are based on quarterly data from a panel of 16 …
Persistent link: https://www.econbiz.de/10003806732
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Pooling, tranching and credit expansion
Bougheas, Spiros P. - 2012
Traditionally banks have used securitization for expanding credit and thus their profitability. It has been well …-rated tranche. This paper builds a simple model of securitization that accounts for the above retention strategies. Banks in the … predicted retention strategies match well those found in empirical studies. -- securitization ; tranching ; credit expansion …
Persistent link: https://www.econbiz.de/10009570572