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The exposure of mortgage borrowers to interest rate risk, income risk and house price risk : evidence from Swiss loan application data
Brown, Martin; Guin, Benjamin - 2014 - This draft: 2 December 2014
how the households' choice of risky mortgages is related to individual interest rate expectations and risk-aversion. Our … assessment of risk exposure among mortgage borrowers in Switzerland is highly sensitive to the underlying assumptions on mortgage … more influenced by affordability concerns than risk concerns. In particular, individual interest rate expectations hardly …
Persistent link: https://www.econbiz.de/10011344795
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The Threat of Exclusion and Relational Contracting
Brown, Martin; Serra-García, Marta - School of Finance, Universität St. Gallen - 2014
Relational contracts have been shown to mitigate moral hazard in labor and credit markets. A central assumption in most theoretical and experimental studies is that, upon misbehaving, agents can be excluded from their current source of income and have to resort to less attractive outside...
Persistent link: https://www.econbiz.de/10011154565
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Credit Booms and Busts in Emerging Markets: The Role of Bank Governance and Risk Managment
Andries, Alin Marius; Brown, Martin - School of Finance, Universität St. Gallen - 2014
This paper investigates to what extent risk management and corporate governance mitigate the involvement of banks in …-2012, we assess whether banks with stronger risk management and corporate governance display more moderate credit growth in the … credit losses. With respect to risk management we document that a strong risk committee is associated with more moderate pre …
Persistent link: https://www.econbiz.de/10011154574
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Regional Inflation and Financial Dollarization
Brown, Martin; De Haas, Ralph; Sokolov, Vladimir - School of Finance, Universität St. Gallen - 2013
We exploit variation in consumer price inflation across 71 Russian regions to examine the relationship between the perceived stability of the local currency and financial dollarization. Our results show that regions with higher inflation experience an increase in the dollarization of household...
Persistent link: https://www.econbiz.de/10011154584
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Credit Reporting, Relationship Banking, and Loan Repayment
Brown, Martin; Zehnder, Christian - Schweizerische Nationalbank (SNB) - 2006
registry is not necessary to sustain high market performance as relationship banking enforces repayment even when lenders …
Persistent link: https://www.econbiz.de/10008925004
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Banking Sector Reform and Interest Rates in Transition Economies: Bank-Level Evidence from Kyrgyzstan
Brown, Martin; Maurer, Maria Rueda; Pak, Tamara; … - Schweizerische Nationalbank (SNB) - 2007
, while the impact of lower intermediation costs, credit risk, and capital costs are negligible. Our results further suggest …
Persistent link: https://www.econbiz.de/10008925033
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Foreign Currency Borrowing by Small Firms
Brown, Martin; Ongena, Steven; Yesin, Pınar Ayşe Yeşin - Schweizerische Nationalbank (SNB) - 2009
model the choice of loan currency in a framework which features a trade-off between lower cost of debt and the risk of firm … credit risk. We then test the implications of our model by using a 2005 survey with responses from 9,655 firms in 26 …
Persistent link: https://www.econbiz.de/10008925048
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The Emergence of Information Sharing in Credit Markets
Brown, Martin; Zehnder, Christian - Schweizerische Nationalbank (SNB) - 2008
We examine how asymmetric information and competition in the credit market affect voluntary information sharing between lenders. We study an experimental credit market in which information sharing can help lenders to distinguish good borrowers from bad ones, ecause borrowers may exogenously...
Persistent link: https://www.econbiz.de/10008925050
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Information Sharing and Credit: Firm-Level Evidence from Transition Countries
Brown, Martin; Jappelli, Tullio; Pagano, Marco - Schweizerische Nationalbank (SNB) - 2007
We investigate whether information sharing among banks has affected credit market performance in the transition …
Persistent link: https://www.econbiz.de/10008925061
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Who Needs Credit and Who Gets Credit in Eastern Europe?
Brown, Martin; Ongena, Steven; Yesin, Pınar Ayşe Yeşin; … - Schweizerische Nationalbank (SNB) - 2010
Based on survey data covering 8,387 firms in 20 countries we compare credit demand and credit supply for firms in Eastern Europe to those for firms in selected Western European countries. We find that, while 30% of firms do not need credit in Eastern Europe, their need for credit is higher than...
Persistent link: https://www.econbiz.de/10008925062