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Financial intermediation and technology : what's old, what's new?
Boot, Arnoud W. A.; Hoffmann, Peter; Laeven, Luc; … - 2020
We study the effects of technological change on financial intermediation, distinguishing between innovations in information (data collection and processing) and communication (relationships and distribution). Both follow historic trends towards an increased use of hard information and less...
Persistent link: https://www.econbiz.de/10012241264
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The real effects of FinTech lending on SMEs : evidence from loan applications
Eça, Afonso; Ferreira, Miguel A.; Prado, Melissa Porras; … - 2022
We show that FinTech lending affects credit markets and real economic activity using a unique data set of a Peer …-to-Business platform for which we have the universe of loan applications. We find that FinTech serves high quality and creditworthy small … businesses who already have access to bank credit. Firms use FinTech to obtain long-term unsecured loans and reduce their …
Persistent link: https://www.econbiz.de/10012818733
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A model of system-wide stress simulation : market-based finance and the Covid-19 event
Di Iasio, Giovanni; Alogoskoufis, Spyridon; Kördel, Simon - 2022
We build a model to simulate how the euro area market-based financial system may function under stress. The core of the model is a set of representative agents re ecting key economic sectors, which interact in asset, funding, and derivatives markets and face solvency and liquidity constraints on...
Persistent link: https://www.econbiz.de/10013265940
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Insurers' investment strategies : pro- or countercyclical?
Rousová, Linda; Giuzio, Margherita - 2019
Traditionally, insurers are seen as stabilisers of financial markets that act countercyclically by buying assets whose price falls. Recent studies challenge this view by providing empirical evidence of procyclicality. This paper sheds new light on the underlying reasons for these opposing views....
Persistent link: https://www.econbiz.de/10012034502
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A stochastic forward-looking model to assess the profitability and solvency of European insurers
Berdin, Elia; Kok Sørensen, Christoffer; Pancaro, Cosimo - 2017
In this paper, we develop an analytical framework for conducting forward-looking assessments of profitability and solvency of the main euro area insurance sectors. We model the balance sheet of an insurance company encompassing both life and non-life business and we calibrate it using country...
Persistent link: https://www.econbiz.de/10011637362
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Investor-driven corporate finance : evidence from insurance markets
Kubitza, Christian - 2023
I study the causal effect of bond investor demand on the financing and investment decisions of nonfinancial firms using granular data on the bond transactions of U.S. insurance companies. Liquidity inflows from insurance premiums combined with insurers' persistent investment preferences identify...
Persistent link: https://www.econbiz.de/10014315209
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Insurance corporations' balance sheets, financial stability and monetary policy
Kaufmann, Christoph; Leyva, Jaime; Storz, Manuela - 2024
The euro area insurance sector and its relevance for real economy financing have grown significantly over the last two decades. This paper analyses the effects of monetary policy on the size and composition of insurers' balance sheets, as well as the implications of these effects for financial...
Persistent link: https://www.econbiz.de/10014484388
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Digitalisation and the economy
Dedola, Luca; Ehrmann, Michael; Hoffmann, Peter; Lamo, Ana - 2023
-)training opportunities and providing a labour market, regulatory, and innovation environment which encourages the creation of "good jobs" is … essential to improve productivity and equity while avoiding a polarisation of labour markets. E-commerce and fintech will likely … lead to a faster transmission of monetary policy. The rise of fintech brings about new risks for regulatory arbitrage and …
Persistent link: https://www.econbiz.de/10014278692
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Preferred habitat and monetary policy through the looking-glass
Carboni, Giacomo; Ellison, Martin - 2022
The ability of monetary policy to influence the term structure of interest rates and the macroeconomy depends on the extent to which financial market participants prefer to hold bonds of different maturities. We microfound such preferred-habitat demand in a fully-specified dynamic stochastic...
Persistent link: https://www.econbiz.de/10013329448
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Consumers' payment preferences and banking digitalisation in the euro area
Meyer, Justus; Teppa, Federica - 2024
This paper contributes to understanding consumers' retail payment preferences and digitalisation in personal finances. We focus on the acceptance of cashless payments in everyday situations and the use of mobile banking apps in the euro area, where the payment services market has changed...
Persistent link: https://www.econbiz.de/10014490489