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The credit channel in middle income countries
Tornell, Aaron; Westermann, Frank - 2002
With inflation under control in many in middle income countries (MICs), it is now swings in credit, investment and asset prices that affect these countries the most. In this paper we present a framework to analyze both theoretically and empirically how credit market shocks are propagated and...
Persistent link: https://www.econbiz.de/10011514101
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Credit booms, debt overhang and secular stagnation
Illing, Gerhard; Ono, Yoshiyasu; Schlegl, Matthias - 2017
Why do advanced economies fall into prolonged periods of economic stagnation, particularly in the aftermath of credit booms? We present a model of persistent aggregate demand shortage based on strong liquidity preferences of households, in which we incorporate financial imperfections to study...
Persistent link: https://www.econbiz.de/10011774952
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Monetary policy transmission and house prices : European cross-country evidence
Carstensen, Kai; Hülsewig, Oliver; Wollmershäuser, Timo - 2009
of key macroeconomic variables to a monetary policy shock. We propose a datadriven approach that splits our panel of … countries into two disjoint groups according to the impact of the monetary policy shock on real house prices. Our results show …
Persistent link: https://www.econbiz.de/10003872444
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The financial accelerator in the euro area : new evidence using a mixture VAR model
Bennani, Hamza; Neuenkirch, Matthias - 2020
We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over the period 2003Q1–2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy transmission can be described as mixture of two states...
Persistent link: https://www.econbiz.de/10012383710
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Risk pooling, leverage, and the business cycle
Dindo, Pietro; Modena, Andrea; Pelizzon, Loriana - 2019 - This version: 10th July 2019
This paper investigates the interdependence between the risk-pooling activity of the financial sector and: output, consumption, risk-free rate, and Sharpe ratio in a dynamic general equilibrium model of a productive economy. Due to their exposure to idiosyncratic shocks and market segmentation,...
Persistent link: https://www.econbiz.de/10012040094
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Sustainability of product market collusion under credit market imperfections
Marjit, Sugata; Mukherjee, Arijit; Yang, Lei - 2016
demand shock in this setup does not affect the possibility of collusion, but may aggravate financing constraints and …
Persistent link: https://www.econbiz.de/10011587934
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Behavioural credit cycles
Delli Gatti, Domenico; Iannotta, Gabriele - 2022
defaults, following a positive productivity shock, our behavioural model (BCC Mark I) generates hump-shaped impulse …-response functions that are more realistic than those generated by the same shock in a corresponding model with rational expectations … (RCC). When the behavioural model allows also for defaults (BCC Mark II), a productivity shock triggers ample and …
Persistent link: https://www.econbiz.de/10013380476
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Accelerated depreciation, default risk and investment decisions
Panteghini, Paolo; Vergalli, Sergio - 2016
In this article we focus on a representative firm that can decide when to invest under default risk. On the one hand, this firm can benefit from generous tax depreciation allowances, on the other hand it faces a default risk. Our aim is to study the effects of tax depreciation allowances in a...
Persistent link: https://www.econbiz.de/10011416013
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Corporate taxation and financial strategies under asymmetric information
Cohen, Francesco; Fedele, Alessandro; Panteghini, Paolo - 2014
In this article we study the corporate tax effects on credit market equilibria. In particular, we develop a model that accounts for five pieces of evidence: i) the existence of a tax incentive to borrow, ii) the negative relationship between leverage and profitability, iii) the existence of...
Persistent link: https://www.econbiz.de/10010347029
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Microeconometric evidence of financing frictions and innovative activity
Tiwari, Amaresh K.; Mohnen, Pierre A.; Palm, Franz C.; … - 2014
Using Dutch data we empirically investigate how financing and innovation vary across firm characteristics. We find that when firms face financial constraints, debt financing and innovation choices are not independent of firm characteristics, and R&D slows down. In the absence of financial...
Persistent link: https://www.econbiz.de/10010249680