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How successful are banking sector reforms in emerging market economies? : evidence from impact of monetary policy on levels and structures of firm debt in India
Bhaumik, Sumon Kumar; Kutan, Ali Mustafa; Majumdar, Sudipa - 2016
that well-functioning credit markets would reflect a bank channel for monetary policy at work, we test whether a change in … and the associated change in interest rate does not affect change in bank credit, change in total debt and the proportion … of bank credit in total debt for any of the firms. We discuss the policy implications of the findings. …
Persistent link: https://www.econbiz.de/10011493763
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The welfare effects of law enforcement in the illegal money lending market
Leong, Kaiwen; Li, Huailu; Pavanini, Nicola; Walsh, … - 2022
We estimate a structural model of borrowing and lending in the illegal money lending market using a unique panel survey of 1,090 borrowers taking out 11,032 loans from loan sharks. We use the model to evaluate the welfare effects of alternative law enforcement strategies. We find that a large...
Persistent link: https://www.econbiz.de/10013262951
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Hidden insurance in a moral hazard economy
Bertola, Giuseppe; Koeniger, Winfried - 2013
We consider an economy where individuals privately choose effort and trade competitively priced securities that pay off with effort-determined probability. We show that if insurance against a negative shock is sufficiently incomplete, then standard functional form restrictions ensure that...
Persistent link: https://www.econbiz.de/10010225898
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Business cycle effects of credit and technology shocks in a DSGE model with firm defaults
Pesaran, M. Hashem; Xu, TengTeng - 2011
This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle … financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …
Persistent link: https://www.econbiz.de/10009488413
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Repayment versus investment conditions and exclusivity in lending contracts
Bougheas, Spiros P.; Dasgupta, Indraneel; Morrissey, Oliver - 2009
Lenders condition future loans on some index of past performance. Typically, banks condition future loans on repayments of earlier obligations whilst international organizations (official lenders) condition future loans on the implementation of some policy action (‘investment’). We build an...
Persistent link: https://www.econbiz.de/10003923918
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Financial markets, banks' cost of funding, and firms' decisions : lessons from two crises
Balduzzi, Pierluigi; Brancati, Emanuele; Schiantarelli, … - 2013
We test whether financial fluctuations affect firms' decisions, through their impact on banks' cost of funding. We exploit two shocks to Italian bank CDS spreads and equity valuations: the 2007-2009 financial crisis and the 2010-2012 sovereign debt crisis. Using newly available data linking over...
Persistent link: https://www.econbiz.de/10010229932
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Recovery performance of primary agriculture credit societies in India : an assessment
Mazumder, Rabin; Chakravarty, Chandrasekhar; Bhandari, … - 2014
Agricultural credit is one of the most crucial inputs in all agricultural development programmes. Access of rural … credit has still remained scarce in India. Primary Agriculture Credit Societies (PACS) working at grass-root level, having … institution. The present study examines the recovery performance of rural credit given by PACS in six different regions of India …
Persistent link: https://www.econbiz.de/10010379210
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Reflections on the US college loans system : lessons from Australia and England
Barr, Nicholas A.; Chapman, Bruce James; Dearden, Lorraine - 2018
There is wide agreement the US student loan system faces significant problems. Seven million borrowers are in default and many more experience non-repayment. The stress of repayments faced by many students results at least in part from the design of US student loans. Specifically, loans are...
Persistent link: https://www.econbiz.de/10011820067
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The value of business networks in emerging economies : an analysis of firms' external financing opportunities
Owolabi, Oluwarotimi; Pal, Sarmistha - 2011
The paper argues that networked firms are likely to have an advantage in securing external finance in countries with weak legal and judicial institutions since it helps financial institutions to minimize the underlying agency costs of lending. An analysis of recent BEEPS data from fifteen...
Persistent link: https://www.econbiz.de/10009307402
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Detecting mortgage delinquencies
Askitas, Nikos; Zimmermann, Klaus F. - 2011
Economic hardship is strongly reflected by the housing market. It is the concern of much research, but its analysis is often obstructed by insufficient lagged data. This paper evaluates search intensity for "hardship letter" from Google Insights to detect ensuing mortgage delinquencies. Such...
Persistent link: https://www.econbiz.de/10009312194