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Credit risk in general equilibrium
Eichberger, Jürgen; Rheinberger, Klaus; Summer, Martin - 2014
This paper contributes to the literature on default in general equilibrium. Borrowing and lending takes place via a … clearing house (bank) which monitors agents and enforces contracts. Our model develops a concept of bankruptcy equilibrium that … is a direct generalization of the standard general equilibrium model with financial markets. Borrowers may default in …
Persistent link: https://www.econbiz.de/10010235825
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Financial development and sustainable exports : evidence from firm-product data
Jaud, Melise; Kukenova, Madina; Strieborny, Martin - 2014
We combine a novel measure of export-related financial needs at the product level with a unique database of firm-product export data (including names of the exporting firms) from five developing countries. Using the tools of survival analysis and taking into account firms' and products'...
Persistent link: https://www.econbiz.de/10010250164
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Forty years of oil price fluctuations : why the price of oil may still surprise us
Baumeister, Christiane; Kilian, Lutz - 2016
It has been forty years since the oil crisis of 1973/74. This crisis has been one of the defining economic events of the 1970s and has shaped how many economists think about oil price shocks. In recent years, a large literature on the economic determinants of oil price fluctuations has emerged....
Persistent link: https://www.econbiz.de/10011431626
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Unleashing animal spirits : self-control and overpricing in experimental asset markets
Kocher, Martin; Lucks, Konstantin E.; Schindler, David - 2016
One possible determinant of overpricing on asset markets is a lack of self-control abilities of traders. Self-control is the individual capacity to override or inhibit undesired behavioral tendencies such as impulses and to refrain from acting on them. We implement the first experiment that is...
Persistent link: https://www.econbiz.de/10011444434
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High and low activity spells in housing markets
Smith, Eric - 2015
This paper demonstrates the way in which stock-flow matching with endogenous seller entry generates hot and cold spells in house sales. Potential sellers know the number of bidders remaining from the last house sale. If two or more bidders remain, the seller obtains the gains to trade through...
Persistent link: https://www.econbiz.de/10011384560
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Bank consolidation, interest rates, and risk : a post-merger analysis based on loan-level data from the corporate sector
Juranek, Steffen; Nilsen, Øivind Anti; Ulsaker, Simen A. - 2021
In this paper we analyse the bank merger between DnB and Gjensidige Bank in 2003, ranked by market share as number one and number three in the Norwegian bank market. Focusing on loans to firms, our difference-in-differences analysis shows no increase of concentration of new loans. The...
Persistent link: https://www.econbiz.de/10012698803
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Asset-based lending
Bijkerk, Suzanne H.; Vries, Casper G. de - 2019 - This version: May 10, 2019
-degree price discrimination. We find that adverse selection results in a unique equilibrium in which lenders randomize interest …
Persistent link: https://www.econbiz.de/10012024422
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The risk of policy tipping and stranded carbon assets
Ploeg, Frederick van der; Rezai, Armon - 2019 - Revised July 2019
If global warming is to stay below 2°C, there are four risks of assets stranding. First, substantial fossil fuel reserves will be stranded at the end of the fossil era. Second, this will be true for exploration capital too. Third, unanticipated changes in present or expected future climate...
Persistent link: https://www.econbiz.de/10012039083
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Financial sector development in Brunei Darussalam : depth, acces, and efficiency : a comparative analysis
Bhattacharyay, Biswanath; Bhattacharyay, Madhurima - 2022
Financial sector development plays an important role in promoting economic growth and welfare of the citizen of a country. On the other hand, financial sector instability or vulnerability, can adversely affect the economic growth and cause major disruptions in the country. This paper examines...
Persistent link: https://www.econbiz.de/10013380870
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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 …
Persistent link: https://www.econbiz.de/10011451345