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Effectiveness and Channels of Macroprudential Instruments : Lessons from the Euro Area
Tressel, Thierry - 2016
The crisis has highlighted the importance of setting up macro-prudential oversight frameworks, having effective macro-prudential instruments in place to be called upon to mitigate growing financial imbalances as needed. We develop a new approach using the euro area Bank Lending Survey to assess...
Persistent link: https://www.econbiz.de/10012996061
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Fiscal Consolidation and the Cost of Credit : Evidence from Syndicated Loans
Agca, Senay - 2013
We examine how the cost of corporate credit varies around fiscal consolidations aimed at reducing government debt. Using a new dataset on fiscal consolidations and syndicated corporate loan data, we find that loan spreads increase with fiscal consolidations, especially for small firms, domestic...
Persistent link: https://www.econbiz.de/10013086310
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Measuring Off-Balance-Sheet Leverage
Breuer, Peter - 2021
The simultaneous unwinding of leveraged positions can trigger financial market turbulence. Although balance-sheet measures of leverage are available, it is useful to construct a measure of leverage that incorporates both on- and off-balance-sheet activities. This paper provides measures of...
Persistent link: https://www.econbiz.de/10013212029
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What Role Can Financial Policies Play in Revitalizing SMEs in Japan?
Lam, W. Raphael - 2013
). Firm-level SME data and sectoral corporate balance sheets show that many SMEs have faced structural challenges of high … support measures should be phased out and SME restructuring be accelerated. Efforts are also needed to deepen capital markets … SME weaknesses would improve private investment, enhance firm productivity, and lift growth …
Persistent link: https://www.econbiz.de/10013088729
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Fintech Credit Risk Assessment for SMEs : Evidence from China
Huang, Yiping; Zhang, Longmei; Li, Zhenhua; Qiu, Han; … - 2021
Promoting credit services to small and medium-size enterprises (SMEs) has been a perennial challenge for policy makers globally due to high information costs. Recent fintech developments may be able to mitigate this problem. By leveraging big data or digital footprints on existing platforms,...
Persistent link: https://www.econbiz.de/10013315099
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European Housing Markets at a Turning Point – Risks, Household and Bank Vulnerabilities, and Policy Options
Valderrama, Laura; Gorse, Patrik; Marinkov, Marina; … - 2023
European housing markets are at a turning point as the cost-of-living crisis has eroded real incomes and the surge in interest rates has made borrowers more vulnerable to financial distress. This paper aims to (i) shed light on the risks in European housing markets, (ii) quantify household...
Persistent link: https://www.econbiz.de/10014355769
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Calibrating Macroprudential Policies in Europe Amid Rising Housing Market Vulnerability
Valderrama, Laura - 2023
Housing market developments are in the spotlight in Europe. Over-stretched valuations amid tightening financial conditions and a cost-of-living crisis have increased risks of a sustained downturn and exposed challenging trade-offs for macroprudential policy between ensuring financial system...
Persistent link: https://www.econbiz.de/10014355770
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Unlocking Access to Finance for SMEs : A Cross-Country Analysis
Fouejieu, Armand - 2020
(SMEs) in the world. The paper provides empirical evidence on the drivers of SME access to finance for a large sample of … development and better governance would help close the SME financial inclusion gap between MENAP and CCA regions and the best …
Persistent link: https://www.econbiz.de/10012836535
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SMEs’ Access to Finance in the Euro Area : What Helps or Hampers?
Öztürk, Bahar - 2014
The monetary transmission mechanism in the euro area has been adversely affected by the recent crises. Using survey data on thousands of euro area firms, we study factors that affect the access to finance of SMEs. We find that changes in bank funding costs and borrower leverage matter for firms'...
Persistent link: https://www.econbiz.de/10013053038
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Does Balance Sheet Strength Drive the Investment Cycle? Evidence from Pre- and Post-Crisis Cyprus
Chen, Sophia - 2017
Fixed investment was the most important contributing factor to the boom-bust cycle in Cyprus over the last decade. Investment boomed during a credit boom in mid-2000s, during which the corporate sector borrowed heavily. Investment collapsed after 2008 when the credit boom ended. Investment and...
Persistent link: https://www.econbiz.de/10012962140