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External financing and economic activity in the euro area : why are bank loans special?
Aldasoro, Iñaki; Unger, Robert - 2017
Using a Bayesian vector autoregression (BVAR) identified with a mix of sign and zero restrictions, we show that a restrictive bank loan supply shock has a strong and persistent negative impact on real GDP and the GDP deflator. This result comes about even though flows of other sources of...
Persistent link: https://www.econbiz.de/10011632175
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Money Supply Rules and Exchange Rate Dynamics
Tervala, Juha - 2010
This paper examines the implications of monetary policy rules for exchange rate dynamics. I extend a standard New Open Economy Macroeconomics model with the introduction of a simple money supply rule, whereby central banks change their monetary policy if output diverges from potential output or...
Persistent link: https://www.econbiz.de/10012503016
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Understanding global liquidity
Eickmeier, Sandra; Gambacorta, Leonardo; Hofmann, Boris - 2013
identified as global monetary policy, global credit supply and global credit demand. -- Global liquidity ; monetary policy … ; credit supply ; credit demand ; international business cycles ; factor model ; sign restrictions …
Persistent link: https://www.econbiz.de/10009720899
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The commitment role of equity financing
Fahn, Matthias; Wamser, Georg; Merlo, Valeria - 2017
Existing theories of a firm's optimal capital structure seem to fail in explaining why many healthy and profitable firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and the bankruptcy risk low. This holds in particular for...
Persistent link: https://www.econbiz.de/10011705222
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Capital flows, real estate, and local cycles : evidence from German cities, banks, and firms
Bednarek, Peter; Kaat, Daniel Marcel te; Ma, Chang; … - 2019
by using matched bank-firm-level data on credit, employment, capital expenditure and TFP, we find that firm real estate … 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 …
Persistent link: https://www.econbiz.de/10012137065
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Asymmetric credit growth and current account imbalances in the euro area
Unger, Robert - 2015
experienced pronounced credit booms at the same time that these imbalances were building up, this paper investigates the link … between domestic credit developments and the current account balance, distinguishing between a credit pull and a credit push …
Persistent link: https://www.econbiz.de/10011373649
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Time variation in macro-financial linkages
Prieto, Esteban; Eickmeier, Sandra; Marcellino, Massimiliano - 2013
We analyze the contribution of credit spread, house and stock price shocks to GDP growth in the US based on a Bayesian …
Persistent link: https://www.econbiz.de/10009739598
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The inverted-U relationship between credit access and productivity growth
Aghion, Philippe; Bergeaud, Antonin; Cette, Gilbert; … - 2018
Persistent link: https://www.econbiz.de/10011947705
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Size matters : "over"investments in a relational contracting setting
Englmaier, Florian; Fahn, Matthias - 2018
The corporate finance literature documents that managers tend to over-invest in their companies. A number of theoretical contributions have aimed at explaining this stylized fact, most of them focusing on a fundamental agency problem between shareholders and managers. The present paper shows...
Persistent link: https://www.econbiz.de/10011895831
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Cyclicality of SME lending and government involvement in banks
Behr, Patrick; Foos, Daniel; Norden, Lars - 2015
credit demand-side factors. The public mandate is set by local governments and stipulates a deviation from strict profit … percent less cyclical than other local banks. The result is credit supply-side driven and especially strong for savings banks …
Persistent link: https://www.econbiz.de/10011391616