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Fire sales are forced sales of assets in which high-valuation bidders are sidelined, typically due to debt overhang problems afflicting many specialist bidders simultaneously. We overview theoretical and empirical research on asset fire sales, which shows how they can arise, how they can lead to...
Persistent link: https://www.econbiz.de/10008776830
In a January 2009 lecture on the financial crisis, Federal Reserve Chairman Bernanke advocated a new Fed policy of credit easing, defined as a combination of lending to financial institutions, providing liquidity directly to key credit markets, and buying of long term securities. We show that...
Persistent link: https://www.econbiz.de/10013149345
Persistent link: https://www.econbiz.de/10012244305
We examine the business model of traditional commercial banks in the context of their co-existence with shadow banks. While both types of intermediaries create safe "money-like" claims, they go about this in very different ways. Traditional banks create safe claims with a combination of costly...
Persistent link: https://www.econbiz.de/10013058005
Fire sales are forced sales of assets in which high-valuation bidders are sidelined, typically due to debt overhang problems afflicting many specialist bidders simultaneously. We overview theoretical and empirical research on asset fire sales, which shows how they can arise, how they can lead to...
Persistent link: https://www.econbiz.de/10013134890
Persistent link: https://www.econbiz.de/10008808346
Persistent link: https://www.econbiz.de/10009158165
Fire sales are forced sales of assets in which high-valuation bidders are sidelined, typically due to debt overhang problems afflicting many specialist bidders simultaneously. We overview theoretical and empirical research on asset fire sales, which shows how they can arise, how they can lead to...
Persistent link: https://www.econbiz.de/10012462014
Using historical data on post-war financial crises around the world, we show that crises are substantially predictable …
Persistent link: https://www.econbiz.de/10012481591
Using historical data on post-war financial crises around the world, we show that crises are substantially predictable …
Persistent link: https://www.econbiz.de/10013294960