tend not to face higher interest rates because they provide collateral. This paper illustrates these effects in a model and … tests the hypotheses derived by exploiting the introduction of a "fresh start" policy in Germany in 1999 as a natural …

capital for firms worldwide on three particularly export-oriented industry sectors in Germany. Second, the impact of this …

securities with the highest yield and lowest collateral quality among ABS with the same regulatory risk weight. This ABS …

collateral as measured by tangible fixed assets plays a critical role. In particular, bank flow shocks increase the credit supply … to firms and sectors with more real estate collateral. Higher credit supply then leads firms to hire and invest more …

Many assets derive their value not only from future cash flows but also from their ability to serve as collateral. In … this paper, we investigate this collateral value and its impact on asset returns in an infinite-horizon general equilibrium … model with heterogeneous agents facing collateral constraints for borrowing. We document that borrowing against collateral …