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Liquidity Dependence and the Waxing and Waning of Central Bank Balance Sheets
Acharya, Viral V.; Chauhan, Rahul S.; Rajan, Raghuram Govind - National Bureau of Economic Research - 2023
in 2017, there was no commensurate shrinkage of these claims on liquidity. Consequently, the financial sector was left … more sensitive to potential liquidity shocks, with weaker-capitalized banks most exposed. This necessitated Fed liquidity … provision in September 2019 and again in March 2020. Liquidity-risk-exposed banks suffered the most drawdowns and the largest …
Persistent link: https://www.econbiz.de/10014247971
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Crunch Time : Fiscal Crises and the Role of Monetary Policy
Greenlaw, David - 2013
Countries with high debt loads are vulnerable to an adverse feedback loop in which doubts by lenders lead to higher sovereign interest rates which in turn make the debt problems more severe. We analyze the recent experience of advanced economies using both econometric methods and case studies...
Persistent link: https://www.econbiz.de/10012459364
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The Degree of Judicial Enforcement and Credit Markets : Evidence from Japanese Household Panel Data
Horioka, Charles Yuji - 2010
In this paper, we conduct an empirical analysis of the impact of better judicial enforcement on the probability of being credit rationed, loan size, and the probability of bankruptcy using household-level data from the Japanese Panel Survey of Consumers, conducted by the Institute for Research...
Persistent link: https://www.econbiz.de/10012463019
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Causes of the Korean Financial Crisis : Lessons for Policy
Hahm, Joon-Ho - 2000
This paper uses an asymmetric information framework to understand the causes of the recent financial crisis in Korea. It shows that the Korean data is consistent with this explanation of the crisis. It then draws on this analysis to discuss several lessons that can help guide Korean policymakers...
Persistent link: https://www.econbiz.de/10012471293
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Contingent Credit Under Stress
Acharya, Viral V.; Jager, Maximilian; Steffen, Sascha - National Bureau of Economic Research - 2023
' provision of liquidity insurance in the form of credit lines, their significance in managing corporate liquidity, and the …
Persistent link: https://www.econbiz.de/10014437040
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Two Decades of Japanese Monetary Policy and the Deflation Problem
Ito, Takatoshi - 2004
of Japan's rhetoric was not helpful in fighting deflation, and the interest rate hike in August 2000 amid deflation was a …
Persistent link: https://www.econbiz.de/10012467811
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The Internal Governance of Firms
Acharya, Viral V. - 2009
We develop a model of internal governance where the self-serving actions of top management are limited by the potential reaction of subordinates. Internal governance can mitigate agency problems and ensure that firms have substantial value, even with little or no external governance by...
Persistent link: https://www.econbiz.de/10012463081
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Zombie Lending : Theoretical, International and Historical Perspectives
Acharya, Viral V.; Crosignani, Matteo; Eisert, Tim; … - National Bureau of Economic Research - 2022
This paper surveys the theory on zombie lending incentives and the consequences of zombie lending for the real economy. It also offers a historical perspective by reviewing the growing empirical evidence on zombie lending along three dimensions: (i) the role of under-capitalized banks, (ii)...
Persistent link: https://www.econbiz.de/10013190998
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How Do Global Banks Scramble for Liquidity? Evidence from the Asset-Backed Commercial Paper Freeze of 2007
Acharya, Viral V. - 2013
In August of 2007, banks faced a freeze in funding liquidity from the asset-backed commercial paper (ABCP) market. We … investigate how banks scrambled for liquidity in response to this freeze and its implications for corporate borrowing. Commercial …
Persistent link: https://www.econbiz.de/10013077991
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Liquidity Risk of Corporate Bond Returns : A Conditional Approach
Acharya, Viral V. - 2010
We study the exposure of the US corporate bond returns to liquidity shocks of stocks and Treasury bonds over the period … 1973 - 2007 in a regime - switching model. In one regime, liquidity shocks have mostly insignificant effects on bond prices … default), suggest the existence of time-varying liquidity risk of corporate bond returns conditional on episodes of flight to …
Persistent link: https://www.econbiz.de/10012462262