The banking and currency crises of the last two decades inflictedsubstantial financial, economic, and social damage on thecountries in which they originated. In this work, the efficiencyof early warning indicators for these disastrous economic eventsis evaluated. An analysis of the traditional...

In a 2004 study, Harvey, Lin and Roper argue that debt makers with a commitment to monitoring can create value for outside shareholders whenever information asymmetry and agency costs are pronounced. I investigate Harvey, Lin and Roper's claim for bank loans by empirically testing the effect of...

This study investigates the credit channel in the transmission of monetary policy in Germany by means of a structural analysis of aggregate bank loan data. We base our analysis on a stylized model of the banking firm, which specifies the loan supply decisions of banks in the light of...

This study attempts to determine the importance of the banking sector in the monetary transmission process in a developing economy. The study analyzes the Malaysian data focusing on three sample periods: the entire sample period (1989:01-2006:12); the pre-crisis period (1989:01-1996:12); and the...

The previous political dispensation limited black people’s participation in the SouthAfrican economy. Poor credit records, lack of training, resulting in skills and capacitygaps further limited entry into the lending market. These aspects are considered themain limitations in obtaining finance...

We provide an empirical support for theories of lender specialization using the recently developed market for Debtor-in-Possession (DIP) financing. The legal environment in which DIP financing operates represents a natural laboratory for testing determinants of lending specialization (e.g....

The main purpose of this study is to examine the determinants of the corporate choice between different forms of debt financing. By analyzing the most comprehensive sample of U.S. corporate debt issues to date, I find that firms that issue 144A debt have significantly lower credit quality and...

Monetary policy is commonly assumed to impact on commodity demand via relative prices. The bank lending channel (BLC) proposes an additional effect via the quantity of loans. This has found its way into economic textbooks, although it remains empirically controversial. I present various...