Narrow search
Showing 1 - 10 of 289
Cover Image
Central Clearing and Collateral Demand
Duffie, Darrell; Scheicher, Martin; Vuillemey, Guillaume - National Bureau of Economic Research (NBER) - 2014
We use an extensive data set of bilateral exposures on credit default swap (CDS) to estimate the impact on collateral demand of new margin and clearing practices and regulations. We decompose collateral demand for both customers and dealers into several key components, including the "velocity...
Persistent link: https://www.econbiz.de/10010951173
Cover Image
Banks, Market Organization, and Macroeconomic Performance: An Agent-Based Computational Analysis
Howitt, Peter; Ashraf, Quamrul; Gershman, Boris - National Bureau of Economic Research (NBER) - 2011
how they are resolved. Our analysis sheds new light on the conflict between micro-prudential bank regulation and …
Persistent link: https://www.econbiz.de/10009652786
Cover Image
Predatory Short Selling
Brunnermeier, Markus K.; Oehmke, Martin - National Bureau of Economic Research (NBER) - 2013
Financial institutions may be vulnerable to predatory short selling. When the stock of a financial institution is shorted aggressively, leverage constraints imposed by short-term creditors can force the institution to liquidate long-term investments at fire sale prices. For financial...
Persistent link: https://www.econbiz.de/10010699609
Cover Image
Credit Constraints, Heterogeneous Firms, and International Trade
Manova, Kalina - National Bureau of Economic Research (NBER) - 2008
This paper examines the detrimental consequences of financial market imperfections for international trade. I develop a heterogeneous-firm model with countries at different levels of financial development and sectors of varying financial vulnerability. Applying this model to aggregate trade...
Persistent link: https://www.econbiz.de/10005720470
Cover Image
Off the Cliff and Back? Credit Conditions and International Trade during the Global Financial Crisis
Chor, Davin; Manova, Kalina - National Bureau of Economic Research (NBER) - 2010
We study the collapse of international trade flows during the global financial crisis using detailed data on monthly US imports. We show that credit conditions were an important channel through which the crisis affected trade volumes, by exploiting the variation in the cost of capital across...
Persistent link: https://www.econbiz.de/10008619288
Cover Image
An Autopsy of the U.S. Financial System
Levine, Ross - National Bureau of Economic Research (NBER) - 2010
In this postmortem, I find that the design, implementation, and maintenance of financial policies during the period from 1996 through 2006 were primary causes of the financial system's demise. The evidence is inconsistent with the view that the collapse of the financial system was caused only by...
Persistent link: https://www.econbiz.de/10008624572
Cover Image
Credit, Financial Stability, and the Macroeconomy
Taylor, Alan M. - National Bureau of Economic Research (NBER) - 2015
Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...
Persistent link: https://www.econbiz.de/10011207908
Cover Image
Financial Development in 205 Economies, 1960 to 2010
Demirguc-Kunt, Asli; Levine, Ross; Čihák, Martin; … - National Bureau of Economic Research (NBER) - 2013
This paper describes our construction of the Global Financial Development Database and uses the data to compare financial systems around the world. The database provides information on financial systems in 205 economies over the period from 1960 to 2010 and includes measures of (1) size of...
Persistent link: https://www.econbiz.de/10010969344
Cover Image
Incentive Pay and Bank Risk-Taking: Evidence from Austrian, German, and Swiss Banks
Hau, Harald; Efing, Matthias; Kampkötter, Patrick; … - National Bureau of Economic Research (NBER) - 2014
We use payroll data on 1.2 million bank employee years in the Austrian, German, and Swiss banking sector to identify … document an economically significant correlation of incentive pay with both the level and volatility of bank trading income … share in the capital markets divisions with the strength of incentive pay in unrelated bank divisions like retail banking …
Persistent link: https://www.econbiz.de/10010969346
Cover Image
Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle
Chen, Hui; Cui, Rui; He, Zhiguo; Milbradt, Konstantin - National Bureau of Economic Research (NBER) - 2014
We develop a structural credit risk model to examine how the interactions of liquidity and default risk affect corporate bond pricing. By explicitly modeling debt rollover and by endogenizing the holding costs via collateralized financing, our model generates rich links between liquidity risk...
Persistent link: https://www.econbiz.de/10010969437