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Lending standards and output growth
Kirti, Divya - 2018
from primary debt capital markets. I construct the high-yield (HY) share of bond issuance for a panel of 38 countries. The … HY share is procyclical, suggesting that lending standards in bond markets are extrapolative. Credit booms with …
Persistent link: https://www.econbiz.de/10011809568
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Desynchronized : The Comovement of Non-Hydrocarbon Business Cycles in the GCC
Cevik, Serhan - 2011
This paper investigates the empirical characteristics of business cycles and the extent of cyclical comovement in the Gulf Cooperation Council (GCC) countries, using various measures of synchronization for non-hydrocarbon GDP and constituents of aggregate demand during the period 1990-2010. By...
Persistent link: https://www.econbiz.de/10014397084
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Scenario analysis with the DD-PD mapping approach : stock market shocks and U.S. corporate default risk
Chan-Lau, Jorge A. - 2021
This paper introduces the quantile regression- based Distance-to-Default to Probability of Default (DD-PD) mapping, which links individual firms' DD to their real world PD. Since changes in the DD depend on a handful of parameters, the mapping easily accommodates shocks arising from quantitative...
Persistent link: https://www.econbiz.de/10012613371
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Equity Prices, Credit Default Swaps, and Bond Spreads in Emerging Markets
Chan-Lau, Jorge A. - 2004
This paper examines equilibrium price relationships and price discovery between credit defaul swap (CDS), bond, and … equity markets for emerging market sovereign issuers. Findings suggest that CDS and bond spreads converge despite various … bond and CDS markets and the equity markets. As for price discovery, our results are mixed. This stands in contrast to the …
Persistent link: https://www.econbiz.de/10014404117
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Fintech credit risk assessment for SMEs : evidence from China
Huang, Yiping; Zhang, Longmei; Li, Zhenhua; Qiu, Han; … - 2020
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/10012391582
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FinTech in financial inclusion : machine learning applications in assessing credit risk
Bazarbash, Majid - 2019
Recent advances in digital technology and big data have allowed FinTech (financial technology) lending to emerge as a potentially promising solution to reduce the cost of credit and increase financial inclusion. However, machine learning (ML) methods that lie at the heart of FinTech credit have...
Persistent link: https://www.econbiz.de/10012021979
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Sovereign Ceilings ""Lite""? : The Impact of Sovereign Ratingson Corporate Ratings in Emerging Market Economies
Borensztein, Eduardo - 2007
Although credit rating agencies have gradually moved away from a policy of never rating a private borrower above the sovereign (the ""sovereign ceiling"") it appears that sovereign ratings remain a significant determinant of the credit rating assigned to corporations. We examine this link using...
Persistent link: https://www.econbiz.de/10014401266
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Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence
Blanchard, Olivier - 2015
The workhorse open-economy macro model suggests that capital inflows are contractionary because they appreciate the currency and reduce net exports. Emerging market policy makers however believe that inflows lead to credit booms and rising output, and the evidence appears to go their way. To...
Persistent link: https://www.econbiz.de/10012418076
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Financial Crisis in Developing Countries and Structural Weaknesses of the Financial System
International Monetary Fund - 1989
This paper examines the generation of financial crises in developing economies and shows that the microeconomic structure of the financial sector is a crucial factor in creating the conditions for a crisis. Structural problems of the financial system in developing countries, including implicit...
Persistent link: https://www.econbiz.de/10014396313
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The impact of legislation on credit risk : comparative evidence from the United States, the United Kingdom and Germany
Schmieder, Christian; Schmieder, Philipp - 2011
Persistent link: https://www.econbiz.de/10009486196