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Sustainability of product market collusion under credit market imperfections
Marjit, Sugata; Mukherjee, Arijit; Yang, Lei - 2016
We study the implications of credit constraints for the sustainability of product market collusion in a bank-financed oligopoly in which firms face an imperfect credit market. We consider two situations, without and with credit rationing, i.e., with a binding credit limit. When there is credit...
Persistent link: https://www.econbiz.de/10011587934
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Self-fulfilling credit cycles
Azariadēs, Kōstas; Kaas, Leo; Wen, Yi - 2015
In U.S. data 1981-2012, unsecured firm credit moves procyclically and tends to lead GDP, while secured firm credit is acyclical; similarly, shocks to unsecured firm credit explain a far larger fraction of output fluctuations than shocks to secured credit. In this paper we develop a tractable...
Persistent link: https://www.econbiz.de/10010503469
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Selling dreams : endogenous optimism in lending markets
Bridet, Luc; Schwardmann, Peter - 2020
We propose a simple model of borrower optimism in competitive lending markets with asymmetric information. Borrowers in our model engage in self-deception to arrive at a belief that optimally trades off the anticipatory utility benefits and material costs of optimism. Lenders' contract design...
Persistent link: https://www.econbiz.de/10012213062
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Asset level heterogeneity, competition and export incentives : the role of credit rationing
Marjit, Sugata; Ray, Moushakhi - 2020
through asset building. The theoretical and empirical results indicate that an increase in the initial level of competition … implies greater export incentive. However, over the life cycle of a firm, the role of competition is impacted by the intensity … of capital accumulation and the initial level of wealth. Greater local competition before the entry of firms in the …
Persistent link: https://www.econbiz.de/10012199980
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Competition in funding higher education
Eckwert, Bernhard; Zilcha, Itzhak - 2011
that funding competition does not rectify the investment inefficiency nor will it improve pooling of individual income … competition and restricted participation yields the highest level of social welfare. -- higher education ; funding competition …
Persistent link: https://www.econbiz.de/10009303925
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Credit market competition and liquidity crises
Elena, Carletti; Leonello, Agnese - 2014
credit market competition is intense. The latter emerges when banks exercise market power. Thus, competition is beneficial to …
Persistent link: https://www.econbiz.de/10010249670
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Agency cost of debt and lending market competition : is there a relationship?
Koskela, Erkki; Stenbacka, Rune - 2000
We address the question of how lending market competition, measured by the bargaining power of banks, affects the … agency costs of debt finance. It is shown that intensified lending market competition will lead to lower lending rates and … lending market competition will reduce the agency cost of debt financing. Hence, our analysis does not lend support to the …
Persistent link: https://www.econbiz.de/10009781549
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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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What does peer-to-peer lending evidence say about the risk-taking channel of monetary policy?
Huang, Yiping; Li, Xiang; Wang, Chu - 2019
This paper uses loan application-level data from a peer-to-peer lending platform to study the risk-taking channel of monetary policy. By employing a direct ex-ante measure of risk-taking and estimating the simultaneous equations of loan approval and loan amount, we are the first to provide...
Persistent link: https://www.econbiz.de/10012057284
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A micro data approach to the identification of credit crunches
Rottmann, Horst; Wollmershäuser, Timo - 2010
This paper presents a micro data approach to the identification of credit crunches. Using a survey among German firms which regularly queries the firms' assessment of the current willingness of banks to extend credit we estimate the probability of a restrictive credit supply policy by time...
Persistent link: https://www.econbiz.de/10008653413