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The financial crisis of 2008 in fixed income markets
Dwyer, Gerald P.; Tkac, Paula - 2009
We explore how a relatively small amount of heterogeneous securities created turmoil in financial markets in much of the world in 2007 and 2008. The drivers of the financial turmoil and the financial crisis of 2008 were heterogeneous securities that were hard to value. These securities created...
Persistent link: https://www.econbiz.de/10010292330
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The price of liquidity: Bank characteristics and market conditions
Fecht, Falko; Nyborg, Kjell G.; Rocholl, Jörg - 2010
We identify frictions in the market for liquidity as well as bank-specific and market-wide factors that affect the prices that banks pay for liquidity, captured here by borrowing rates in repos with the central bank and benchmarked by the overnight index swap. We have price data at the...
Persistent link: https://www.econbiz.de/10010315393
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Systematic and liquidity risk in subprime-mortgage backed securities
Dungey, Mardi; Dwyer, Gerald P.; Flavin, Thomas - 2011
The misevaluation of risk in securitized financial products is central to understanding the financial crisis of 2007 - 8. This paper characterizes the evolution of factors affecting collateralized debt obligations based on subprime mortgages. A key feature of subprime-mortgage backed indices is...
Persistent link: https://www.econbiz.de/10010292259
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The good, the bad, and the ordinary: Estimating agent value-added using real estate transactions
Cunningham, Christopher R.; Gerardi, Kristopher; Shen, Lily - 2022
Despite the prevalence and high cost of real estate agents, there is limited empirical evidence as to the nature or efficacy of their services. In this paper we estimate real estate agents' value-added when either selling or buying homes using data from three large multiple listing services...
Persistent link: https://www.econbiz.de/10014278405
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The probability of getting a loan: Evidence from Indian cities
Ray, Saon; Miglani, Smita; Paul, Sandeep - 2019
Financial inclusion or access to financial services, is a major development goal for all nations across the globe. Financial inclusion does not concern only "access, but also the "use"" of financial services. This paper examines the loan taking behavior of individuals based on survey of 844...
Persistent link: https://www.econbiz.de/10012099541
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Liquidity backstops and dynamic debt runs
Wei, Bin; Yue, Vivian Z. - 2015
for the important role of liquidity backstops in mitigating runs (or, conversely, the role of the lack of liquidity … backstops in exacerbating runs) based on a dynamic model of debt runs. We focus on the municipal bond markets for variable rate … financial crisis of 2007-09 provide a natural experiment to identify the value of a liquidity backstop in mitigating runs …
Persistent link: https://www.econbiz.de/10011460620
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Academic scholarship in light of the 2008 financial crisis: Textual analysis of NBER Working Papers
Levy, Daniel; Mayer, Tamir; Raviv, Alon - 2020
Textual analysis of the NBER Working Papers published during 1999-2016 is done to assess the effects of the 2007-2009 crisis on the academic literature. The volume of crisis-related WPs is counter-cyclical, lagging the financial-instability-index. WPs by the Monetary-Economics, Asset-Pricing,...
Persistent link: https://www.econbiz.de/10012387266
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Innovation and export in SMEs: the role of relationship banking
Frazzoni, Serena; Mancusi, Maria Luisa; Rotondi, Zeno; … - 2014
This paper assesses the role of relationship lending in explaining simultaneously the innovation activity of Small and Medium Enterprises (SME), their probability to export (i.e. the extensive margin) and their share of exports on total sales conditional on exporting (i.e. the intensive margin)....
Persistent link: https://www.econbiz.de/10011739592
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Capital Adequacy Regime in India: An Overview
Sarma, Mandira; Nikaido, Yuko - 2007
In this paper we present an analytical review of the capital adequacy regime and the present state of capital to risk-weighted asset ratio (CRAR) of the banking sector in India. In the current regime of Basel I, Indian banking system is performing reasonably well, with an average CRAR of about...
Persistent link: https://www.econbiz.de/10011807603
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Financial Sector Legislative Reforms Commission (FSLRC) & financial sector regulation in India
Bhagwati, Jaimini; Khan, M. Shuheb; Bogathi, … - 2016
The Financial Sector Reforms Commission (FSLRC) which was set up in 2011 by the Ministry of Finance was mandated to study existing legislation and financial sector regulatory practices in India and to propose improvements. The FSLRC submitted its report in 2013 and four of its members recorded...
Persistent link: https://www.econbiz.de/10011807863