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An Anatomy Of Credit Booms : Evidence From Macro Aggregates And Micro Data

Mendoza, Enrique G. - 2008

external financing, and bank-level indicators of banking fragility. Credit booms in industrial and emerging economies show …

Persistent link: https://www.econbiz.de/10012464598

Cyclical Dispersion in Expected Defaults

Gomes, João F. - 2017

A growing literature shows that credit indicators forecast aggregate real outcomes. While researchers have proposed various explanations, the economic mechanism behind these results remains an open question. In this paper, we show that a simple, frictionless, model explains empirical findings...

Persistent link: https://www.econbiz.de/10012454978

Cyclicality of Credit Supply : Firm Level Evidence

Becker, Bo - 2011

Theory predicts that there is a close link between bank credit supply and the evolution of the business cycle. Yet … fluctuations in bank-loan supply have been hard to quantify in the time-series. While loan issuance falls in recessions, it is not … clear if this is due to demand or supply. We address this question by studying firms' substitution between bank debt and non-bank …

Persistent link: https://www.econbiz.de/10012461266

The Macroeconomics of a Pandemic : A Minimalist Model

Céspedes, Luis Felipe - 2020

We build a minimalist model of the macroeconomics of a pandemic, with two essential components. The first is productivity-related: if the virus forces firms to shed labor beyond a certain threshold, productivity suffers. The second component is a credit market imperfection: because lenders...

Persistent link: https://www.econbiz.de/10012481811

Contagion and Volatility with Imperfect Credit Markets

Agenor, Pierre-Richard - 1997

This paper interprets contagion effects as a perceived increase (triggered by events occurring elsewhere) in the volatility of aggregate shocks impinging on the domestic economy. The implications of this approach are analyzed in a model with two types of credit market imperfections: domestic...

Persistent link: https://www.econbiz.de/10012472734

Credit Shocks and Aggregate Fluctuations in an Economy with Production Heterogeneity

Khan, Aubhik - 2011

In the presence of persistent heterogeneity in capital, debt and total factor productivity, the effects of a financial shock are amplified and propagated through large and long-lived disruptions to the distribution of capital that, in turn, imply large and persistent reductions in aggregate...

Persistent link: https://www.econbiz.de/10012461346

Credit Market Imperfections and Persistent Unemployment

Acemoglu, Daron - 2000

This paper develops the thesis that credit market frictions may be an important contributor to high unemployment in Europe. When a change in the technological regime necessitates the creation of new firms, this can happen relatively rapidly in the U.S. where credit markets function efficiently....

Persistent link: https://www.econbiz.de/10012470798

Financial Dampening

Wieland, Johannes F. - 2016

monetary policy. The theory unifies an endogenous supply of illiquid local loans and risk-sharing among subsidiaries of bank …

Persistent link: https://www.econbiz.de/10012456534

Credit Smoothing

Hundtofte, Sean - 2019

Standard economic theory says that unsecured, high-interest, short-term debt -- such as borrowing via credit cards and … bank overdraft facilities -- helps individuals smooth consumption in the event of transitory income shocks. This paper …

Persistent link: https://www.econbiz.de/10012480298

Open Banking : Credit Market Competition When Borrowers Own the Data

He, Zhiguo - 2020

Open banking facilitates data sharing consented by customers who generate the data, with a regulatory goal of promoting competition between traditional banks and challenger fintech entrants. We study lending market competition when sharing banks' customer data enables better borrower screening...

Persistent link: https://www.econbiz.de/10012482337

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