Financial constraints affecting new firms are some of the factors most cited for impeding entrepreneurial dynamics from flourishing. This article introduces the problem of regional patterns of financial constraints. The research is conducted with regard to the French regions and the new French...

Lending is associated with credit risk. Modelling the loss stochastically,the cost of credit risk is the expected loss. In credit business the probabilitythat the debtor will default in payments within one year, often is the onlyreliable quantitative parameter. Modelling the time to default as...

How can globalization affect the optimal choice of monetary policy strategy during asset price booms in a small open economy? Globalization can have an impact on both the supply and the demand side of the economy. Focusing on the supply side of globalization, it has been shown that a flattening...

The use of different currencies in the invoicing of international trade transactions plays a major role in the international transmission of economic fluctuations. Existing studies argue that an exporter’s invoicing choice reflects structural aspects of her industry, such as market share and...

The boom in nonprime mortgage lending that occurred inthe United States between 2004 and 2006 was quicklyfollowed by rapid increases in the rate of delinquencies andforeclosures on these loans.1 This pronounced deteriorationalarmed investors, the public, and policymakers.2...

[...]This article documents the “return in retail” in the U.S.banking industry and offers some insight into why this shift hasoccurred. Trends in retail loan shares, retail deposit shares, thebalance sheets of U.S. consumers, and the number of bankbranches all indicate an increased focus on...

This paper draws on a more extensive Joint Center for HousingStudies assessment of the CRA, funded by the FordFoundation. The larger study not only assesses the impact ofthe CRA on home purchase and home refinance lending, it alsopresents commentary on the CRA’s impact on small-businessand...

Es wird aufgezeigt, wie Kredite auch bei Marktunvollkommenheiten zumindest teilweise mit Marktwerten bewertet werden können.

In den letzten Jahren wurden verschiedene Modelle entwickelt, um das Ausfallrisiko von Banken unter Berücksichtigung von Portfolioeffekten zu quantifizieren. Bisher hat sich kein Ansatz als allgemein akzeptierter Standard durchsetzen können. Da die Modelle grundlegende konzeptionelle...