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The Impact of Macroprudential Policies and Their Interaction with Monetary Policy : An Empirical Analysis Using Credit Registry Data
Gambacorta, Leonardo - 2017
without making strong assumptions. Results from another three countries (Canada, Chile and the United States) corroborate the …
Persistent link: https://www.econbiz.de/10012956519
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The Cost of Steering in Financial Markets : Evidence from the Mortgage Market
Guiso, Luigi; Pozzi, Andrea; Tsoy, Anton; Gambacorta, … - 2020
We build a model of the mortgage market where banks attain their optimal mortgage portfolio by setting rates and … steering customers. Sophisticated households know which mortgage type is best for them; naive households are susceptible to … implications of steering. The average cost of the distortion is equivalent to 16% of the annual mortgage payment. A financial …
Persistent link: https://www.econbiz.de/10014352392
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The Cost of Steering in Financial Markets : Evidence from the Mortgage Market
Gambacorta, Leonardo - 2020
We build a model of the mortgage market where banks attain their optimal mortgage portfolio by setting rates and … "steering" customers. "Sophisticated" households know which mortgage type is best for them, while "naïve" ones are susceptible …
Persistent link: https://www.econbiz.de/10012845706
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Asymmetric Information and the Securitization of SME Loans
Albertazzi, Ugo - 2017
Using credit register data for loans to Italian firms we test for the presence of asymmetric information in the securitization market by looking at the correlation between the securitization (risk-transfer) and the default (accident) probability. We can disentangle the adverse selection from the...
Persistent link: https://www.econbiz.de/10012960922
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Asymmetric information and the securitization of SME loans
Albertazzi, Ugo; Bottero, Margherita; Gambacorta, Leonardo - 2021
Using all loans granted to firms recorded in the Italian credit register, we estimate correlations between risk-transfer and default probabilities to gauge the severity of informational asymmetries in the loan securitization market. First, the analysis confirms the presence of information...
Persistent link: https://www.econbiz.de/10012487672
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Asymmetric Information and AHE Securitization of SME Loans
Albertazzi, Ugo - 2017
Using credit register data for loans to Italian firms we test for the presence of asymmetric information in the securitization market by looking at the correlation between the securitization (risk-transfer) and the default (accident) probability. We can disentangle the adverse selection from the...
Persistent link: https://www.econbiz.de/10012966394
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SME finance in Asia : recent innovations in fintech credit, trade finance, and beyond
Cornelli, Giulio; Davidson, Vukile; Frost, Jon; … - 2019
This study gives an overview of recent innovations in the financing of small and medium-sized enterprises (SMEs) in Asia. While SMEs are an important contributor to employment and gross domestic product in Asia, they often face significant credit constraints. Recently, in the context of Asia's...
Persistent link: https://www.econbiz.de/10012119148
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Relationship and transaction lending in a crisis
Bolton, Patrick; Freixas, Xavier; Gambacorta, Leonardo; … - 2013
Persistent link: https://www.econbiz.de/10009782502
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Relationship and Transaction Lending in a Crisis
Bolton, Patrick - 2013
We study how relationship lending and transaction lending vary over the business cycle. We develop a model in which relationship banks gather information on their borrowers, which allows them to provide loans for profitable firms during a crisis. Due to the services they provide, operating costs...
Persistent link: https://www.econbiz.de/10013079190
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Relationship and Transaction Lending in a Crisis
Bolton, Patrick - 2014
We study how relationship lending and transaction lending vary over the business cycle. We develop a model in which relationship banks gather information on their borrowers, which allows them to provide loans for profitable firms during a crisis. Due to the services they provide, operating costs...
Persistent link: https://www.econbiz.de/10013062240