Similar Search Results

Unintended Consequences of LOLR Facilities : The Case of Illiquid Leverage

Acharya, Viral V. - 2013

While the direct effect of lender-of-last-resort (LOLR) facilities is to forestall the default of financial firms that lose funding liquidity, an indirect effect is to allow these firms to minimize deleveraging sales of illiquid assets. This unintended consequence of LOLR facilities manifests...

Persistent link: https://www.econbiz.de/10013072305

Real Effects of the Sovereign Debt Crisis in Europe : Evidence from Syndicated Loans

Acharya, Viral V. - 2018

banks. Our estimates suggest that the credit crunch explains between one-fifth and one-half of the overall negative real …

Persistent link: https://www.econbiz.de/10012937243

Testing Macroprudential Stress Tests : The Risk of Regulatory Risk Weights

Acharya, Viral V. - 2015

Macroprudential stress tests have been employed by regulators in the United States and Europe to assess and address the solvency condition of financial firms in adverse macroeconomic scenarios. Financial institutions are required to maintain a capital cushion against such events and stress tests...

Persistent link: https://www.econbiz.de/10013035758

Monetary Easing, Leveraged Payouts and Lack of Investment

Acharya, Viral V. - 2020

This paper studies a model in which a low monetary policy rate lowers the cost of capital for entrepreneurs, potentially spurring productive investment. Low interest rates, however, also induce entrepreneurs to lever up so as to increase payouts to equity. Whereas such leveraged payouts...

Persistent link: https://www.econbiz.de/10012846842

Economics with Market Liquidity Risk

Acharya, Viral V. - 2020

For markets to work efficiently, buyers and sellers must be able to transact easily. People must have access to a marketplace such as a supermarket or a stock exchange with adequate liquidity. Further, people must have confidence that such a well-functioning marketplace will also exist in the...

Persistent link: https://www.econbiz.de/10012847877

Climate Stress Testing

Acharya, Viral V.; Berner, Richard; Engle, Robert; … - 2023

We explore the design of climate stress tests to assess and manage macro-prudential risks from climate change in the financial sector. We review the climate stress scenarios currently employed by regulators, highlighting the need to (i) consider many transition risks as dynamic policy choices;...

Persistent link: https://www.econbiz.de/10014290255

Climate Stress Testing

Acharya, Viral V.; Berner, Richard B.; Engle, Robert F.; … - 2023

Persistent link: https://www.econbiz.de/10014249918

When is Sovereign Debt Odious? A Theory of Government Repression, Growth Traps, and Growth Boosts

Acharya, Viral V.; Rajan, Raghuram G.; Shim, Jack - 2022

We examine the dynamics of a country’s growth, consumption, and sovereign debt, assuming that the government is myopic … and wants to maximize short-term, self-interested spending. Surprisingly, government myopia can increase a country …’s access to external borrowing. In turn, access to borrowing can extend the government’s effective horizon; the government …

Persistent link: https://www.econbiz.de/10014078840

When is Sovereign Debt Odious? A Theory of Government Repression, Growth Traps, and Growth Boosts

Acharya, Viral V.; Rajan, Raghuram Govind; Shim, Jack - National Bureau of Economic Research - 2022

We examine the dynamics of a country's growth, consumption, and sovereign debt, assuming that the government is myopic … and wants to maximize short-term, self-interested spending. Surprisingly, government myopia can increase a country …'s access to external borrowing. In turn, access to borrowing can extend the government's effective horizon; the government …

Persistent link: https://www.econbiz.de/10013334513

Climate Stress Testing

Acharya, Viral V.; Berner, Richard; Engle, Robert F.; … - 2023

Persistent link: https://www.econbiz.de/10014358374

1
2
3
4
5
6
7
8
9
10
Next
Last