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Who truly bears (bank) taxes? : evidence from only shifting statutory incidence
Jiménez, Gabriel; Martinez-Miera, David; Peydró, … - 2020
mortgage tax from being levied on borrowers to being levied on banks; (ii) some areas, for historical reasons, were exempt from … results: First, after the policy change, the average mortgage rate increases consistently with a strong - but not complete …-full tax pass-through, the tax shift increases banks' risk-taking. More affected banks reduce costly mortgage insurance in case …
Persistent link: https://www.econbiz.de/10012668346
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Macroprudential Policy, Mortgage Cycles and Distributional Effects : Evidence from the UK
Peydró, José-Luis - 2020
effects of such a macroprudential policy on mortgage and house price cycles. For identification, we exploit the universe of UK …-price correction), the 2014-policy strongly implies — via lower pre-correction debt — better house prices and mortgage defaults during …
Persistent link: https://www.econbiz.de/10012832639
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Bank risk-taking, securitization, supervision and low interest rates
Maddaloni, Angela; Peydró, José-Luis - 2010
Using a unique dataset of the Euro area and the U.S. bank lending standards, we find that low (monetary policy) short-term interest rates soften standards, for household and corporate loans. This softening – especially for mortgages – is amplified by securitization activity, weak supervision...
Persistent link: https://www.econbiz.de/10009640292
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Financial regulation, financial globalization and the synchronization of economic activity
Kalemli-Ozcan, Sebnem; Papaioannou, Elias; Peydró, … - 2010
We identify the effect of financial integration on international business cycle synchronization, by utilizing a confidential database on banks’ bilateral exposure and employing a country-pair panel instrumental variables approach. Countries that become more integrated over time have less...
Persistent link: https://www.econbiz.de/10009640319
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Credit supply
Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; … - 2010
To identify credit availability we analyze the extensive and intensive margins of lending with loan applications and all loans granted in Spain. We find that during the period analyzed both worse economic and tighter monetary conditions reduce loan granting, especially to firms or from banks...
Persistent link: https://www.econbiz.de/10009640362
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The euro area Bank Lending Survey matters
Bondt, Gabe de; Maddaloni, Angela; Peydró, José-Luis; … - 2010
This study examines empirically the information content of the euro area Bank Lending Survey for aggregate credit and output growth. The responses of the lending survey, especially those related to loans to enterprises, are a significant leading indicator for euro area bank credit and real GDP...
Persistent link: https://www.econbiz.de/10009640399
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Interbank contagion at work
Iyer, Rajkamal; Peydró, José-Luis - 2010
This paper tests financial contagion due to interbank linkages. For identification we exploit an idiosyncratic, sudden shock caused by a large-bank failure in conjunction with detailed data on interbank exposures. First, we find robust evidence that higher interbank exposure to the failed bank...
Persistent link: https://www.econbiz.de/10009640412
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Local versus aggregate lending channels: the effects of securitization on corporate credit supply
Jiménez, Gabriel; Mian, Atif; Peydró, José-Luis; … - Banco de España - 2011
While banks may change their credit supply due to bank balance-sheet shocks (the local lending channel), firms can react by adjusting their sources of financing in equilibrium (the aggregate lending channel). We provide a methodology to identify the aggregate (firm-level) effects of the lending...
Persistent link: https://www.econbiz.de/10009319591
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Credit supply: identifying balance-sheet channels with loan applications and granted loans
Jiménez, Gabriel; Ongena, Steven; Peydró, José-Luis; … - Banco de España - 2010
To identify credit availability we analyze the extensive and intensive margins of lending with loan applications and all loans granted in Spain. We find that during the period analyzed both worse economic and tighter monetary conditions reduce loan granting, especially to firms or from banks...
Persistent link: https://www.econbiz.de/10008676892
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The real estate and credit bubble: Evidence from Spain
Akin, Ozlem; Montalvo, José Garcia; Villar, Jaume Garcia; … - Department of Economics and Business, Universitat … - 2014
mortgage loans in Spain. The dataset contain real estate credit and price conditions (loan principal and spread, and the … appraisal and market price) at the mortgage level, matched with borrower characteristics (such as income, labor status and … results suggest too soft lending standards and excessive risk-taking in the boom. For example, mortgage spreads for non …
Persistent link: https://www.econbiz.de/10010796201